Contract For Deed

Comments(4)

• 
  WilliamGA5th July, 2003

  hughes,
  
  Whether you can sell your CFD on CFD will depend on the language in your CFD.
  
  When I sell on CFD, I have language equaling a DOS to my buyers.
  
  I pay a little more attention to my DOS clause than most banks, too. <IMG SRC="images/forum/smilies/icon_wink.gif">
  
  As far as being able to sell that CFD, I would think a wrapped wrap might command quite a discount but then again I guess it would depend on the property, LTV on final wrap, seasoning and a few other things.
  
  If I were buying that mortgage, I would certainly be suspicious of it.
  
  
  
  _________________
  WilliamGA
  [ Edited by joel on Date 07/07/2003 ]

• 
  2000rock6th July, 2003

  Depends on the sellers contract to you (as the buyer)...
  
  or
  
  get the OK from the seller in writing.
  
  The sellers (to you) will want all the CREDIT info on YOUR BUYERS.
  
  HopeThisHelps...
  
  ...as always,
  
  GoodInvesting, Rocky

• 
  verbatim1st December, 2003

  WillGa, what DOS type of language do you use in your CFD?
  
  Verb

• 
  c-brainard1st December, 2003

  Here is some generic lingo for you. Please not that I am not an attorney and you should have one review any legal contract you commit yourself to.
  
  Default / Breach By Buyer:
  Seller may, on default being made by Buyer and Seller providing proper notice(s) to Buyer of said default per applicable Texas Law and Buyer’s subsequent failure to cure said default within the specified time, ACCELERATE the entire remaining indebtedness secured by this Contract, whereby the whole sum remaining unpaid under this Contract, including the entire principal balance and unpaid interest, shall become immediately due and payable, notwithstanding that the date previously specified in this Contract for full payment of the whole sum may not then have expired, and Seller may take appropriate action against Buyer for collection of same according to the laws of the State of Texas.
  
  and assignment...
  Buyer’s Assignment:
  Buyer: (check one)
  
  a. [ ] May assign, sell, transfer or convey his/her (Buyer's) Interest in this Contract, any part thereof, or any Interest in the subject property, provided such assignment or conveyance shall not result in the probability of waste or other impairment of Seller's security in the Premises or the probability of default on behalf of Buyer as a result of any such assignment or conveyance. Under no circumstances shall any assignment or conveyance release Buyer from his/her (Buyer's) obligations under this Contract unless Seller releases Buyer in writing. No assignment, however, shall be valid until written notice thereof has been given to Seller.
  
  b. [ ] May not assign, sell, transfer or convey his/her (Buyer’s) Interest in this Contract, any part thereof, or any Interest in the subject property of this Contract without first securing the written consent of the Seller.
  
  -Chris
  [addsig]