Category: Contract for Deed
-
Risky Business? Minnesota Home Buyers Skip the Mortgage, Preferring Contracts for Deed
Land contract financing, a.k.a. the contract for deed, is a go-to method of home buying in Minnesota — especially in urban neighborhoods. These contracts allow homeowners to sell directly to buyers, bypassing the scrutiny of a mortgage lender. Each year, thousands of Minnesota buyers use them to finance their home purchases. Federal lawmakers across the…
-
For Home Buyers and Sellers: How a Contract for Deed Works
We’ve noticed, and maybe you have, too. Mortgage lenders have really been tightening their loan approval standards these days. Lenders are cautious because so many people are coping with layoffs, career changes, and volatile financial situations. Some sellers are willing to help hopeful home buyers avoid the mortgage process, using the contract for deed. Often,…
-
The Quitclaim Deed’s Function in a Contract for Deed Sale
A contract for deed sale can present a convenient alternative to the traditional real estate conveyance. In this owner-financed deal, the buyer usually lives on the property upon the execution of the contract. While enjoying the property, the buyer pays for it in monthly installments, until the agreed-upon price has been paid in full. Down the road, when full payment…
-
What is a Contract for Deed?
If you’ve been turned down for a home loan from a traditional mortgage lender, don’t despair. You have options, and one of them may be a contract for deed. Also known as an installment agreement or land contract, a contract for deed involves seller financing for the property. If you see a home sale ad…
