CONTRACT FOR DEED
Buying your home on a ‘contract for deed’?
If you have signed a Contract for Deed with the owner of a property
BE AWARE
- That Registering the Contract for Deed is your responsibility and it must be registered within 2 years from the date it was signed for it to be legal!
- That all signatures of buyers and sellers must be notarized to be a legal document!
- That you should have a Real Estate Attorney go over the CD if you are unclear of all of the stipulations, especially clauses on vacating property if you miss a payment!
- That as the buyer, you are responsible for property insurance!
- That as buyer are responsible for paying the taxes, utilities and upkeep of property!
- That if the Contract for Deed is not registered, it’s just like renting!
- There is lots more that you need to be aware of – It’s just not just making a down payment, signing some papers and considering yourself “A Homeowner”
Be Smart – Be Aware
Don’t end up on the street and paying for the priviledge because you didn’t take care of business!
2 Comments
what state is this for? I am in Missouri, and am the buyer in a contract for deed. I want out actually, willing to let the seller have all the money I have paid her, but she is threatening to sue for foreclosure if i leave. She never filed with the recorder’s office, and it is definitely not notarized. what are the chances she can actually take us to court and sue us and win if we just break the contract and leave the premises willingly?
This is for Minnesota, but these are general common sense tips that everyone should be following regardless of the state that they live in. I’d check with a real estate lawyer in Missouri to help you in your situation. Try a quick search on http://www.findlaw.com/, you should hopefully find someone in your area, good luck and I hope everything works out for you.