Deed For Contract
March 27th, 2010
One novel way for purchasing and selling a home is the deed for contract understanding. Here the buyer pays off the loan not to a mortgage company but to the owner of the property itself or the seller. The payment is usually done in monthly instalments and is financed by the seller rather than a mortgage company. This agreement is sealed by a contract which is then filed in a court. While the buyer may already move in the house, the seller retains his name on the title until the full payment is made and then that is the time when the title is transferred to the buyer.
Entry Filed under: Real Estate