The Difference Between A Purchase Money Mortgage And A Contract For Deed Is That
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How to fill out Agreement To Purchase Condominium With Purchase Money Mortgage Financing By Seller, And Subject To Existing Mortgage?
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FAQ
A major drawback of a contract for deed for buyers is that the seller retains the legal title to the property until the payment plan is completed. On one hand, this means that they're responsible for things like property taxes. On the other hand, the buyer lacks security and rights to their home.
A purchase-money mortgage is a mortgage issued to the borrower by the seller of a home as part of the purchase transaction. Also known as a seller or owner financing, this is usually done in situations where the buyer cannot qualify for a mortgage through traditional lending channels.
In a traditional mortgage, the bank holds the deed. With a purchase-money mortgage, the seller holds the deed.
A major drawback of a contract for deed for buyers is that the seller retains the legal title to the property until the payment plan is completed. On one hand, this means that they're responsible for things like property taxes. On the other hand, the buyer lacks security and rights to their home.
The other method is known as a ?contract for deed? or ?agreement for deed.? It's structured in the same way as a mortgage and purchase money mortgage note, except that the seller remains on the deed until the loan is paid off in full.