This Assignment of Contract for Deed by Seller form is for a Seller who has signed a contract for deed to assign it to a third party. This form is usually used to transfer the contract in exchange for a discounted cash value. The person who received the assigned contract steps into the shoes of the Seller and receives future payments from the Purchaser. The Seller may also desire to convey the property to the assignee, or if not, be prepared to execute a deed to the Purchaser upon request of the assignee.
Kentucky Assignment of Contract for Deed by Seller
Category:
State:
Kentucky
Control #:
KY-00470A
Format:
Word;
Rich Text
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FAQ
Buyer's Responsibility The seller makes sure the deed is prepared correctly, and the buyer ensures the deed gets recorded to take final and legal ownership of the home -- even if that's just confirming with the title company or attorney that the deed was recorded.
Either (1) a sworn, notarized certificate signed by the grantor or his agent and the grantee or his agent, that the consideration reflected in the deed is the full consideration paid for the property, or (2) a sworn, notarized certificate signed by the grantor or his agent and the grantee or his agent, stating that the
Other benefits include: no loan qualifying, low or flexible down payment, favorable interest rates and flexible terms, and a quicker settlement. The biggest risk when buying a home contract for deed is that you really don?t have a legal claim to the property until you have paid off the entire purchase price.
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 land contract is a form of seller financing. It is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full.
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.
A disadvantage to the seller is that a contract for deed is frequently characterized by a low down payment and the purchase price is paid in installments instead of one lump sum.The legal fees and time frame for this process will be more extensive than a standard Power of Sale foreclosure.
A real estate broker, real estate agent or realtor is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients.
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.