Posts

Contract For Deed

landlordjustin profile photo
  • Thursday, July 22, 2004 @ 11:54 AM EDT
  • 4 Comments

I have found a house that I would like to buy. So I believe that I want to do contract for deed on my current house.

My questions are:

Is there anywhere I can get a contract for deed form?

Who is respon. for the insurance on the house when doing a contract for deed?

Should get a attorney to do the contract, and about how much should that cost?

What do I do if the people quit paying, what is the process for evicting?

After writing the contract, do I have to tell anyone? The courthouse etc?

Any help would be great!

Thank you

:-? :-?

Comments(4)

  • no photo
    feltman21st July, 2004

    you can download the basic forms for many sites on the web, just google "contract for deed" and you;ll have more options that you have time to read. But here is my question, WHY???

    I certainly understand the benefits to the investors to buy on C/D's, but when you sell, you have the privlidge of paying capital gains taxes and lose control of your property. If you have someone already in mind to buy your house, and they can;t qualify for a normal mortgage, you'd be better off offering to take a 2nd for 20% of the purchase price than to take a C/D.

    I love to buy on C/D's; but won;t sell on them. If there is a particular reason you want to sell CD, please let me (and the rest of the community) know.

    Steve

  • no photo
    landlordjustin22nd July, 2004

    Go into more detail about the the 20% loan that you were talking about.

    I don't believe the person that I am planning this with could get a loan at all..

    Basically I want to get use the house to get some extra income while not having the landlord responabilities such as repairs etc.

    Is there a better way?

  • no photo
    landlordjustin22nd July, 2004

    Thanks a lot for your information

    So you actually like to sell using contract for deed?

    I have read a lot of books that say that people have made a lot of money doing this with houses.

    thanks justin

  • no photo
    compwhiz22nd July, 2004

    Yes, selling on the Contract for Deed is the best way to provide owner-financing to the buyer. If you sell to the buyer and provide owner financing while DEEDING the property to him, if he encumbers the title to the property in any way, shape, or form, it will be recorded against the property and attach to it. If the owner financing is provided via CFD, the seller retains the ownership of the property, thus only the liens agains the seller can encumber the title. If you need a Contract for Deed form valid in Illinois, email me and I will email it to you.

Add Comment

Login To Comment