Missouri Contract to Sell Commercial Property with Commercial Building - Seller Financing Secured by Mortgage and Security Agreement

State:
Multi-State
Control #:
US-01504BG
Format:
Word
Instant download

Description

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Contract to Sell Commercial Property with Commercial Building - Seller Financing Secured by Mortgage and Security Agreement
  • Preview Contract to Sell Commercial Property with Commercial Building - Seller Financing Secured by Mortgage and Security Agreement
  • Preview Contract to Sell Commercial Property with Commercial Building - Seller Financing Secured by Mortgage and Security Agreement
  • Preview Contract to Sell Commercial Property with Commercial Building - Seller Financing Secured by Mortgage and Security Agreement
  • Preview Contract to Sell Commercial Property with Commercial Building - Seller Financing Secured by Mortgage and Security Agreement

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FAQ

Missouri Case Law Under a contract for deed, the buyer of real estate makes a down payment and agrees to make remaining payments at a specified rate of interest in installments to the seller. The buyer normally takes possession of the property at the time the contract for deed is made.

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.

If the seller does not give the buyer a deed after receiving a promissory note, then the seller is liable to the buyer. After notifying the seller, the buyer is allowed to cancel this type of contract if the buyer learns that the property is not properly subdivided or platted.

A deed must include the names of the buyer and seller and the property's legal description. The deed is signed by the person transferring the property and may make that person responsible to the buyer for other claims against or conditions on the property.

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.

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Missouri Contract to Sell Commercial Property with Commercial Building - Seller Financing Secured by Mortgage and Security Agreement