Deed Contract Form

Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.

Purchase price. Down payment. Interest rate. Number of monthly installments. Responsibilities of the buyer and seller. Legal remedies for the seller if the buyer does not make payments.

On a land contract, the buyer is responsible for property taxes, insurance and mortgage interest, although these will usually be paid through the seller. However, the buyer does get to deduct them from his or her taxes; the seller cannot.

The IRS does allow you to deduct the interest portion of the payments you make under a contract for deed from your income taxes if you itemize deductions. You can also deduct any real estate taxes you pay, just as with a mortgage.

Yes you can. This is called a transfer of equity but you will need the permission of your lender. If you are not married or in a civil partnership you may wish to consider creating a deed of trust and a living together agreement which we can explain to you.

Generally, contract for deed sellers use IRS Form 6252 to report installment sales in the year in which they take place. You also use Form 6252 during each year you receive income from your contract for deed.

The buyer must record the contract for deed with the county recorder where the land is located within four months after the contract is signed. Contracts for deed must provide the legal name of the buyer and the buyer's address.

A contract for deed is a legal agreement for the sale of property in which a buyer takes possession and makes payments directly to the seller, but the seller holds the title until the full payment is made.

It is possible to be named on the title deed of a home without being on the mortgage. However, doing so assumes risks of ownership because the title is not free and clear of liens and possible other encumbrances.If a mortgage exists, it's best to work with the lender to make sure everyone on the title is protected.