easy money austin texas
easy money austin texas
In America, there are various names for the Land Contract Forms and they are also known as ‘Contract for Deed’, Agreement for Deed’ or ‘Installment Contract’. Land Contract Deeds are drawn between the buyer and the seller for the purchase of the real property, where payments are made in installments or as agreed by the seller. The buyer may pay initial advance for the property now, and pay the balance amount in future or on specific date as agreed by the both parties. The balance amount may also carry certain rate on interest, which the buyer will have to pay on the payment due date.
The main reason for writing such agreements is to facilitate the Real Property purchase between buyer and seller. The ownership or property title transfer is not completed, till the buyer pays the full & final amount of the real estate property, with the interest to the seller. The seller is also responsible for any property expenses, till full payment is received or property title is transferred.
Land Contract Form Advantage
• The seller enjoys the benefit of Interest
• The buyer may find it easier to make payments in installments, instead of lump sum of the property value at a time
• Helps, the buyer to overcome his bad credits in the market, which otherwise may prevent him availing credits in the market.
• The property deal closing costs are low and affordable.
• The buyer may get the finance from the financier at easy rate of interest, as the risk is minimized due to real asset nature of property, against the loan.
• The seller held the title to the property till final payment is received, thus, minimizing risk factor on the property title transfer.
Disadvantages
• The property may be mortgaged and the buyer may not be aware of this.
• The seller gains, if the sale deal matures before the mortgage closure.
• The mortgage maturity, may loose the buyer his installment money and future home.
Though few states want the Land Contract Deed to be recorded, but the seller and buyer may not want to record the same, as the secrets of the deal may be leaked out to the third person due to the recoding.
The seller can easily download Land Contract Deed from Internet and print it for his real estate property sale.
You can download various types of Land Contract Forms from Legal Forms
