Mesa Arizona Contract for Deed Package

State:
Arizona
City:
Mesa
Control #:
AZ-P023-PKG
Format:
Word; 
Rich Text
Instant download

Description

This package contains essential legal documents that are used for owner financing of real estate by using a Contract for Deed. The documents in this package are State Specific and include the following:



This package contains the following forms:



1.) A Contract for Deed;


2.) Assignment of Contract for Deed by Seller;


3.) Notice of Assignment of Contract for Deed;


4.) Seller's Disclosure of Financing Terms;


5.) Seller's Annual Accounting;


6.) Notice of Default for Past Due Payments;


7.) Final Notice of Default for Past Due Payments;


8.) Notice of Intent to Enforce Forfeiture Proceedings;


9.) Final Notice of Intent to Enforce Forfeiture Proceeding and Request to Vacate;


10.) General Notice of Default; and


11.) Seller's Disclosure of Forfeiture Rights



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FAQ

If you fall behind on payments, the contract can be terminated and you will lose whatever equity was previously built. Furthermore, if the seller has a mortgage and defaults on their payments, you may lose the property even though your own payments to the seller are current.

Quitclaim Deed in Arizona Quitclaim deeds are not often used when the sale of the property is involved for obvious reasons. Quitclaim deeds are much more common when there is a transfer of property from one family member to another or after a divorce.

If you fall behind on payments, the contract can be terminated and you will lose whatever equity was previously built. Furthermore, if the seller has a mortgage and defaults on their payments, you may lose the property even though your own payments to the seller are current.

A title search in Arizona must be done by going to the recorder in the county in which the property is located. Some counties have parcel information online, while others require you to physically go to the office. Step 1 ? Go to This Website and locate the county in which the property is located.

Land contracts (aka ?land installment contracts? or ?contracts for deed?) are agreements in which a homebuyer makes regular payments to the seller but the deed does not transfer at the outset; instead, the seller retains full ownership of the property until the final payment.

A land contract is an agreement for sale in Arizona that is legally recognized as one path to a warranty or quitclaim deed and real estate ownership.

The contract for deed is a much faster and less costly transaction to execute than a traditional, purchase-money mortgage. In a typical contract for deed, there are no origination fees, formal applications, or high closing and settlement costs.

A land contract is an agreement for sale in Arizona that is legally recognized as one path to a warranty or quitclaim deed and real estate ownership.

Land contract cons. Higher interest rates ? Since the seller is taking most of the risk, they may insist on a higher interest rate than a traditional mortgage. Ownership is unclear ? The seller retains the property title until the land contract is paid in full.

(b) The contract must be signed by both parties either as one document or as identical documents each signed by one party which are then exchanged. Letters offering to sell land and a confirmatory response will generally not be enough.

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Mesa Arizona Contract for Deed Package