Tag: contract for deed
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Legal Title? Equitable Title? Your Stake in the Deed, and Why It Matters
Holding the title to real estate involves responsibilities and duties related to the upkeep, use, and control of a specific property. The name of the property owner, appearing in the public records, identifies the person with legal title. The person named on the deed has that famous “bundle of rights” (like the right to transfer…
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Buyer Can’t Get a Mortgage. Seller Will Take Installment Payments. A Win-Win?
In a “contract for deed” or installment contract, a seller provides financing directly to the buyer. No mortgage company is involved. The harder a mortgage approval is to get, the more attractive this alternative becomes. It can be a lifeline for people with varying income or a thin credit profile. It can also be a…
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Time to Make Financing a Manufactured Home Easier. Meanwhile, What a Difference Holding the Deed Makes!
Manufactured housing — and this includes mobile homes — make up a key segment of financially accessible housing. Today, 18 million people have roofs overhead thanks to manufactured homes. Most own them. Most are deed holders who took out mortgages from banks or credit unions. But it wasn’t easy for them. Some applied for regular…
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When Your Fixer-Upper Isn’t Yours: The Struggle for Rent-to-Own Deed Rights
Maria and Enrique, a real couple with one young child, signed a contract for deed. They believed they were buying themselves a fixer-upper home. They restored the plumbing, electricity, heating and AC, and finally moved in. But when they felt ready to sell their fixed-up home, they were told their seller never fully owned it…
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Federal Update: New Contract for Deed Rules
Contracts for deed – sometimes called installment contracts, land sales contracts, or owner carry – leave the deed until the borrower pays for the home in full. Until then, the borrower lives in and maintains the home. This is a type of seller-financed home sale – and it’s one way to avoid getting entangled with…
