Contract for deed
I would like to know if selling a home with a contract for deed is a good idea. How does the buyer benefit? How does it work?
Thank you
Contract for deed
I would like to know if selling a home with a contract for deed is a good idea. How does the buyer benefit? How does it work?
Thank you
Re: Contract for deed
No, it is not a good idea. There are no benefits to the buyer, and not really for the seller either. It is legally treated like a mortgage, so the documentary stamps upon recording are the same as if done with a deed and mortgage, the seller is required to foreclose just like a mortgage in case of default, and the buyer will probably have difficulty finding the seller to sign a deed once you have made all your payments.
Frank J. Pyle
Probate Attorney Throughout Florida
401 West Colonial Drive, Suite 4
Orlando, FL 32804