Rocket Lawyer Contract for Deed: retipster.com/go/contractford...
US Legal Land Contract: retipster.com/go/landcontract...
Full Blog Post: retipster.com/closing-in-hous...
0:00 - Land Contract/Contract for Deed: What are they, and how do they work?
1:11 - RocketLawyer - What can they do for you?
1:36 - Consult with an attorney and check your state-specific requirements
2:18 - The process of setting up your Land Contract/Contract for Deed with RocketLawyer
16:37 - What if you want to change or edit your generated Land Contract/Contract for Deed?
17:00 - When recorded, return to?
17:33 - Plans & Pricing - RocketLawyer
There are several different financing "instruments” that can be used to close a seller-financed transaction. A Land Contract (sometimes known as a “contract for deed,” "articles of agreement for deed," "land installment contract," "bond for title," or “installment sale agreement”) is what I use in most of the states where I work.
A land contract isn't necessarily the right document to use in every state (because some states have laws and statutes that make it a difficult type of document to work with in the foreclosure process). Still, in many areas, it's a perfect fit for a seller-financed real estate transaction. In the states where it is used, there are variations on the specifics of what this document says, but they all accomplish the same general purpose.
How Does It Work?
With a Land Contract, the seller holds the legal title to the property for the entire term of the loan (i.e. - the deed won’t transfer to the new buyer until after the loan is paid in full), while allowing the buyer to take possession and use the property immediately after signing the land contract.
A land contract is typically more favorable for the seller because of the way title is held during the term of the loan. Still, fundamentally speaking, it’s not a huge variation from what usually happens in a typical lending/borrowing relationship.
If you’re financing your first deal, I recommend you take a few minutes to read this document carefully. Every state has differences in how this form is written, so you must understand exactly what you and your buyer are agreeing to.
As you read through this document, you’ll see that most of the information isn't surprising - but it will help you understand the responsibilities of both parties for the life of the loan.
Note: I have had a great experience with Rocket Lawyer, but your experience may vary. The link above is an affiliate link, and at no additional cost, I will earn a commission if you decide to purchase this particular tool/service. I recommend this resource because it is helpful and useful, not because of the small commission I make if you decide to buy it. Please do not spend your money on this unless you feel it will help you achieve your goals. #rocketlawyer #realestate #retipster #sellerfinancing #ownerfinancing #realestateinvesting
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6 авг 2024
