When I represent a home BUYER who wants to purchase on Contract, I advise the seller give them a deed and then take back a promissory note secured by a mortgage if the seller demands one. When I represent a SELLER I advise a land contract with no deed given nor placed in escrow and that the contract be NOT even recorded.
If you get 100K down, give them a deed and take a note for the 30K balance SECURED BY A FIRSTTTTTTTTTTTT MORTGAGE youre not in too bad of shape (if yours is the first mortgage and its recorded and theres no other junior mortgages) buttttttttttt youre safer if you enter into a conditional installment land sales contract,,,,,,,,,,,DO NOT give them a deed,,,,,,,,,DO NOT HAVE THE DEED PLACED IN EXCROW,,,,,,,,,DO NOT have the contract recorded,,,,,,,,and promise them a deed and free and clear title upon payment of the 30K
HOWEVER if they are paying that much down the buyer prob wants more protection and wont go for that deal (which is much safer for you) although its prefectly legal.
Be sure yours is the FIRST mortage and I wouldnt want any others,,,,,,,be sure the mortgage is properly signed notarized and recorded,,,,,,,,if they dont pay its up to you to FORECLOSE on their interest and theres likely a equity of redemption period,,,,,be sure the taxes are kept paid and the insurance and if not be sure you pay them (add to buyers unpaid balance)
NOTE this is far too important and theres wayyyyyyyyy tooooooooo much at risk so you need to consult a trained PROFESSIONAL a local real estate attorney AND DO NOT PLACE MUCH VALUE ON LAY OR EVEN UNRESEARCHED PROFESSIONAL (including mine for sure) "OPINIONS" POSTED HERE....
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
... [Read Article]
Latest Ad:
Sell 1958 Hi-Altitude Massey Fergerson tractor, original condition. three point hitch pto engine, Runs well, photos available upon request
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.