Contract For Deed Package

Many people think that the only chance to buy property is to take out a loan. What if you can't get a mortgage? Is there any other way? Of course, there is. You can negotiate with a seller and sign a contract for the deed to the property. A contract protects both parties and takes into account all details to provide a flexible and customized agreement.

Take a look at what a contract for deed offers you:

• No closing costs or origination fees
• Negotiable down payment
• No mortgage qualification
• Negotiable monthly payment
• Fast process

US Legal Forms offers you a whole package of templates that you can use when buying property.

1. A Contract for Deed. This form is used when a buyer chooses an alternative way to buy a property. The template should include financial terms (monthly payments), both parties’ names, disclosure of forfeiture rights, etc.

2. Assignment of Contract for Deed by Seller. This form is used to transfer control of the deed to a third party, a person who is not the seller or a buyer. They replace the seller and receive payments. It’s only possible to transfer ownership of a property if this clause was included in the original contract.

3. Notice of Assignment of Contract for Deed. An assignee should use this form to inform a non-assigning party about the assignment. Let's clarify; when a seller transfers ownership to another party (assignee), the assignee must send this notice to the buyer with explanations.

4. Seller's Disclosure of Financing Terms. This document only describes the financial side of the transaction. The property owner in question fills out the document establishing the number of payments, interest, penalties, and deadlines.

5. Seller's Annual Accounting. For a buyer to understand how much they paid and how much they need to pay more, a seller draws up an annual report. This document helps both parties get insight into the big picture of their affairs and can forecast their expenses for the near future.

6. Notice of Default for Past Due Payments. In case of delinquent payments, a seller can submit this document. Of course, it's best if you don't run into a situation where you need it, but keeping the template handy is a good idea.

7. Final Notice of Default for Past Due Payments. This is the last warning to a buyer. If the buyer has ignored the previous notifications, then the seller fills out a Final Notice. When filling it out, the seller needs to indicate a deadline. If the buyer doesn't pay off the debt, then the deed becomes invalid.

8. Notice of Intent to Enforce Forfeiture Proceedings. If the buyer doesn't fulfill requirements under the contract, for example, refuses to pay, the seller has the right to terminate the agreement. But first, the seller must communicate their intentions to the other party using the Notice of Intent to Enforce Forfeiture Proceedings.

9. Final Notice of Intent to Enforce Forfeiture Proceeding and Request to Vacate. ​If the buyer and seller fell flat in finding common ground, then the only way out of the situation is using the Final Notice of Intent to Enforce Forfeiture Proceeding and Request to Vacate form. The seller sends this form to the buyer and also requests an eviction notice.

10. General Notice of Default. In case of any violations to any clause, the seller has the right to notify the buyer. If the buyer is unable or unwilling to cure the default, then the deed is invalid.

11. Seller's Disclosure of Forfeiture Rights. This document is used to inform the purchaser what can happen in default and how it can affect the purchaser. In confiscation (forfeiture), buyers lose all the money they have already invested in the property.