What’s an Executory Contract? | Subto Pace Morby 

Dr Pace, the creative finance, Transaction engineer gangsta, Drop the mic pace.

About the car transaction: one issue is that person on title is held liable for tickets. This happened to my brother where two years later he was hit with not showing up to court for parking tickets because he gave a signed title to someone and they never put it in their name. Then it got towed and they came to him. You are supposed to protect yourself as the seller and send in the transfer paperwork which alerts the DMV and then keep a copy. In real estate, I’m not sure how you cover that part unless there is a performance contract of some sort as well.

No one breaks down topics like Pace. Makes things simplified with stories and whiteboard breakdowns. Thank you bro

Pace and Jerry make a great team!! They both tell stories and keep each other on track to deliver such amazing substance it just blows me away!! Thank you so VERY VERY much!

Pace, you are such a great teacher. Been in real estate for a long time and still learning from you.

Pace these videos are helping me pass my real estate exam at some point make a study guide these videos are 100% more valuable then being in the classroom or reading txt book

Thanks for great new information

Man I learned so much watching your videos my brain is like give me more and more and I love your seller spells videos they are the best you’re a flipping creative finance genius pace nobody ever gives that much info for free I can tell I’m a 100% percent becoming a student in the near future

Sir this is the video that made me subscribe. Excellent content, just excellent 👌

🧠Thank You, very helpdul and informative! Will Share!

Whats crazy if the people who qualify for these types of situations. You could educate them on how to do this over and over. Wow, just gave me some ideas.

Professor Pace excellent job explaining everything.

Wow bravo 👏🏻👏🏻👏🏻 Just two questions. First what if you loose this peace of paper? And two being that the deed is not recorded what prevents the seller from selling the home to someone else if on record he’s still on the deed? Thank you for the all the info Pace

You one of the GOAT s Pace! Thank you for all you do!

Amazing info. Good job pace

Such great information, thanks Pace!

Great video Pace. After the seller signs the deed, how can they control when you record the deed? And what prevents the seller from taking the deed back even if you are up to date on payments?

watching again sir

Thank you for this, it's gold. I've been learning so much since I just recently found your videos. I just had a random thought about this executory contract, How can you protect yourself in case a seller decides to get another copy of the deed and do something different with the property that we've been putting funds into? Just wondering if there is any extra protection that we can implement for this transaction.

This was awesome. I’m totally sharing with my group.

Pace, your living in my head rent free!!! Lol other than the contract with the lawyer that has the seller agree to your terms, what other contracts or paperwork is needed?

Love this format pace! Thank you keep it up you’re awesome. SubTo!

Does that mean that if you do an executive contract that you don't have to go the title company at all?

Hey pace can you make a video going more in depth about how to do a sober living facilities?

Dam Pace, That Was Amazing...

this is all great but how do I go about actually applying this knowledge? how would I set up an executory contract for the seller

When acquiring with an executory contract. In what ways can you protect yourself from the original owner picking up a lien or bankruptcy?

Lol. DMV pace 😅 Love this video though!!!

Thank you Place this is good Can you do a video about investors defaulting on the mortgage aka a subto deal. This happened to my mom

Can you enter into an executory contract for a mobile home? Was going to enter into a novation but was unaware of what a executory contract was until today. The property in question is a 1986 mobile home.

Hi Pace! I’m currently working with a homeowner whose property is in foreclosure. Her situation is quite complex, but I believe I can assist her through such a land contract. The idea is to eventually involve a flipper who can renovate the house and settle the outstanding arrears without primary triggering the due on sale clause. According to the homeowner, she holds the deed, but there is still an unpaid loan under her ex-husband’s name. She believes the bank is making it difficult for anyone to pay off the lien but I simply believe that this is because any purchase agreements she might have signed were too low to payoff the bank. Could you please find me someone that can go through this mess with me because I m not sure on how to make all this work...

Pace, the car example is different because you get a title that is unique, but a deed can be easily prepared by an individual. Whoever records the deeds first will own the house, so you can keep the deed with you without recording it, but if at the same time seller will give a deed to another buyer, whoever registers it first wins. Isn't it correct??

How does the buyer actually get the deed on their hand from the seller? Doesn’t the bank hold on to the deed? Would a hard money lender borrow money for construction if the deed isn’t recorded?

Also sometimes I share this, the Bible says that GOD loves us so much that he sent his son JESUS CHRIST to this earth and HE lived a perfect sinless life.And JESUS went to a cross and gave HIS life for us.And rose again in 3 days and who ever will receive JESUS AS THEIR SAVIOR AND ASK HIM TO COME INTO THEIR HEART AND FORGIVE THEIR SINS,HE WILL TAKE YOU TO HEAVEN.

Pace, isn't a contract for deed, bond for deed, and land contracts all executory contracts? Update: I finished watching the video and you answered this question.

amazingggg!!!

Does an executory contract prevent the from having their loan remove their DTI

Pace, which is the best way to go when you're the seller and you don't want to give the deed until after you are cashed out/paid off?

Do you physically hold the title ? Is there closing closing costs for the title ?

Thanks for the video Pace. " Deed it back to the owner, buy with the executory agreement... " What if the seller does not want to do it, or after receiving the deed back, he says goodbye... Is there legal protection in the initial agreement? Thank you

What happens with insurance? I’m in the same scenario with a down payment grant. Insurance with new additional insured folks seems like a tip off. I hoping my seller can have no liability and I am protected with insurance. Thanks!

Since the deed is not recorded with the county clerk nobody would know that you are actually the owner. The seller could simply create a new deed and sell it to several different subto buyers…

What if after the contract is signed and the owner doesn’t want to move out?

To clarify, who gets the tax benefits on this type of transaction, you or the owner of the property?

So the seller knows I’m going to sign my name on the deed and it will be in my possession, but just not going to record it right?

What happens if the buyer records the deed without the seller's knowledge then stops making payments?

I bought my first house on an agreement for deed and then had it transferred with a deed of trust in the nic of time, if I didn't have the deed when Hurricane Katrina hit, I would not have been eligible for the grants to rebuild.

Pace - If the deed isn't recorded, does the "owner" on record at the courthouse still have a liability risk? I am considering this for my own property to get it into an LLC and avoid a due on sale.. but curious if there was ever a lawsuit against me personally if this would roadblock an attorney coming after the property if I pull out a deed I never recorded.

Pace...how did you develop your contract and real estate knowledge when you spent the beginnings of your career in construction?

The legal definition of an executory contract is a contract that is signed and countersigned by the two parties, buy and seller, and there no contingencies or unsatisfied conditions. The legal definition of an executed contract is a completed executory contract that has no further actions of buyer or seller; the deal is done. A contract with conditions or contingencies is a contingent contract, which is neither executory or executed. A Contract For Deed (CFD) or Installment Land Contract (ILC), which can be either a contingent contract or an executory contract, that will convey the deed when the contract is executed.

Pace your the man, I have a quick question, let say you got the seller and you performed the executory contract, I believe you can’t used the property for tax depreciation because it’s not recorded yet? Correct me if I’m wrong thank you.

You don't like the old school chalk board Pace? Ya, there's Soo many different colors of chalk now days. Just wondering.👍😉

🔥🔥🔥

But won't the title company record it?

where can you get one ?real estate attorney ?

Can’t they go print the deed again in their name because yours isn’t recorded and sell it from under you?

Not sure if it matters or not but if the dude that's utilized that DPA program isn't supposed to sell his home before five years, don't you think by shouting out the address that is under said program, you might be risking giving away info that could land "dude" in an unfortunate situation of having to pay that "massive penalty"? Might have to perform some "spin control" here.

What about property taxes?

Is this sorta like a land contract. I remember hearing about this back in the day and sounds like Scenario #3 but have never put it into action.

1sttttt

I freaking luv this man way of teaching…. Damn I wish i knew him personally….👏👏💪🫡

Great value added again by Pace, the best on any platform. I am truly grateful 🙏 🥲.

Does an executory contract prevent the from having their loan remove their DTI