Agreement Mobile Home Contract For Deed
Description
How to fill out Agreement To Set Mobile Home To New Location?
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FAQ
Contract for deed is a contract for the sale of land which provides that the buyer will acquire possession of the land immediately and pay the purchase price in installments over a period of time, but the seller will retain legal title until all payments are made.
A contract for deed is an agreement for buying property without going to a mortgage lender. The buyer agrees to pay the seller monthly payments, and the deed is turned over to the buyer when all payments have been made. It is simpler and cheaper than getting a mortgage yourself, but it isn?t risk free.
Other disadvantages include the possibility of the seller going bankrupt, going missing or dying, which would put the property into probate and jeopardize the buyer’s contract.
Disadvantages to BuyerThe buyer will have forfeited all rights to the property and lose whatever equity the buyer had previously built, with no equitable right of redemption.