Why is there not enough contract for deed homes on the market?
There are; you just don't know about them. Every home on the market is potentially a seller-financed home. In order to find out, you need only ask the seller of any home on the market if they would be willing to take back a first or second mortgage. In most cases the answer would be "no" because there is no incentive for the seller to risk taking back a mortgage when the home could be sold for cash with no risk. So you'll need to offer an additional incentive in the form of a higher sales price or other terms attractive to the seller. For a higher-than-listed price, you'd be surprised how many sellers would be suddenly willing to extend generous financing terms.
What is the difference between a deed and a contract of sale on a house.?
You were ignorant, and lost your home. If you signed the deed over to him for a bogus thing like a survey to split up property he wanted you were not blessed with a lot of smarts, sorry to say. Signing the deed to him bypassed a contract, and the house became his, and it became final. He got over on you. He sold the house with your stuff on a contract to someone else, and it's a really sad thing. It's like if you sign your car title over to me it's now my car. If you did not know what you were doing, and can prove your mental incompetence in court I may have to return your car per a court order. You may want to play that card, and see if that works for you. Don't want to sound harsh. I know it's probably been a tough situation for you, and your family. Too bad you did not come to Answers before you did that. Everybody does not know everything, but everybody needs to know someone to go to when they don't have a clue, even me! Please call a Real Estate Attorney Monday am, hun.
What does Contract for Deed mean when buying a house?
Contract for deed is aka Owner Carry, Lease to Own, Rent to Own, a variety of names. There are a few ways this typically works. #1 - Credit challenged. If you have credit issues, the owner and the buyer enter an agreement that you pay rent to the owner for a specific amount of time, typically a year or two. At the end of the contract, hopefully you have resolved your credit issues and can fulfill the contract by obtaining your own traditional financing. #2 - No down payment. Same premise, only part of the monthly rent is put in an account, at the end of the contract, the owner has stashed away a down payment on your behalf and turns it over to you to purchase the home with traditional financing. #3 - Owner is the bank. You are financed through the owner, you make payments to the owner for the term of the loan. At the end of your payments, the owner deeds the property to you. One buyer beware issue, the owner should have a rock solid contract to protect the property. Read the terms carefully, because some have "gotcha" clauses in them, you make a misstep and you are out. I recently talked to someone who was in an owner carry, and by severally trimming back a tree that was rubbing on the house roof, the owner terminated the contract and evicted them. It was written in the agreement that the tenant/buyer could not trim the landscaping unless the owner approved, but they couldn't imagine that the owner would be OK with the tree branches rubbing on the roof and did it without reviewing their contract. So, buyer beware. With any owner carry, I'd strongly recommend that you have an attorney review the contract.
Can a mortgage be considered a conditional sales contract?
Can a mortgage be considered a conditional sales contract?Disclaimer: I’m not a lawyer, so this isn’t legal advice.No.A mortgage cannot be considered a conditional sales contract because it’s not.A sales contract is an agreement between the seller and the buyer of a property. The end result of a sales contract is a transfer of the deed. The deed denotes ownership.A mortgage (and note) are a promise to repay a lender. It has nothing to do with ownership. First of all, and perhaps easiest to understand, the lender (the bank, in most cases) never owned the property. (Except in the special case of foreclosures.) For that reason, the bank, never having owned the property, can’t be a party to the sales contract. It has nothing to sell.You can be the owner of a property without there being a mortgage or note in your name. Investors do that frequently with a technique called “Subject To,” in which they buy a property from an owner subject to the existing mortgage. The property is deeded to the buyer, but the mortgage remains in the seller’s name.And that means, of course, that you can have a mortgage without ownership.The two are separate.A conditional sales contract is a sales contract that contains conditions (or contingencies). For example: I will buy your property if I am able to obtain financing to buy it. Or: I will buy your property if I am able to sell my current house. Or: I will buy your house if it passes a home inspection or, if it doesn’t pass, you agree to fix the deficiencies.Again: A mortgage is not a conditional sales contract.
What is the difference between the registration of agreement of sale and sale deed?
Agreement To Sale is done between a willing buyer and seller of a perticular property, where in total price, terms of payment, Schedule of property being sold and all other terms are set out amongst them and buyer has paid only part consideration out of the total consideration. When buyer makes all further progressive payments and fulfill all the terms of agreement, completion/ Occupation Certificate is obtained by the Seller in respect of that property, possession is given by seller to the buyer, then they enter in to the Sale Deed where by the buyer gets the title of ownership of that property in his name. When only Agreement To Sale is executed and though buyer “A”gets possession of that property on full paymenr to the seller “B” and if buyer intends to sale that property then “A”has to obtain NOC from the earlier seller “B” and he has to be made a consenting party in the agreement that will be executed between the new buyer and “A”. Such NOC is not required from B if “A” sells his property to a new buyer if Sale Deed is already executed between A and B.
Home Ownership: If I sign a contract to buy a house, do I also own the land?
If I sign a contract to buy a house, do I also own the land?Disclaimer: I’m not a lawyer, so this isn’t legal advice.Check with a lawyer. First, though, you might want to read your deed. That will tell you what you bought and what you didn’t buy. (Your question says that the purchase agreement didn’t specify. That would be unusual. If the deed only specifies the structure and the purchase agreement didn’t specify, you may have an uphill battle. Again: See a lawyer.)Generally, in most cases, if someone buys a single-family home or townhouse, he or she owns the land under the property. However, there are many exceptions:The owner may have sold the mineral rights or other rights.The property may be on leased property. In some cities, such as Baltimore, that’s not uncommon.The owner may have specified in the sales contract that the buyer was purchasing the structure but not the land. This is quite common with mobile and manufactured homes. (Many are titled the same way vehicles are. In fact, many state Department of Motor Vehicles title mobile and manufactured homes; that’s the way it works where I am, in Virginia. In that case, the only thing being transferred is the structure, not the land. If you’re buying the structure and the land, only then is it a real estate transaction.)Again: Read the deed. Then see a lawyer.
Selling home, land contract and the buyer dies, what to do?
It sounds like the lawyer is trying to rip you off. I haven't read your contract, but if this is a normal contract sale, the seller's name remains on the title until the final payment is received. Then you don't need probate because the dead person's name isn't actually on the title. With a normal contract sale, if the person buying stops making payments, then the deal is off and the seller is free to sell to someone else. In a contract sale, a buyer does not accumulate equity for the partial payments. In this case, since the buyer is dead, so I assume he stopped making payments. Write a new contract for the remaining payments with the housemates. BTW, the expression you are looking for is "quit claim" deed. Be aware, the buyers might insist on a warranty deed, but if they will accept a quit claim deed then that's great for you.
Lease Purchase vs. Installment Sale?
I believe these two things are similar, but often are a bit different. It depends on the terms in each. A lease purchase typically allocates a portion of the monthly rent towards the downpayment when the purchase is executed. The owner/landlord still holds title to the property. If you fail to honor the lease contract, any payments you made the owner/landlord gets to keep and you get no credit for downpayment; plus you can be evicted. In an installment sales contract, “contract for deed,” “contract of sale,” or “land sale contract" the seller keeps title to the property for as long as it takes you to pay off the loan in a series of payments, similar to a mortgage. After you pay off the entire loan, the seller signs a deed transferring title to you. If you default on the loan, the seller can keep all payments and take title without any judicial foreclosure because he/she already has the deed. He/She may have to file for eviction to get you out. In some cases the seller may have to sue to recoup losses. As you can see, a lease purchase can behave just as an installment sale, but the installment sale IS a purchase, whereas a lease purchase is a rental contract with a purchase option. In fact, it has been recommended to me for those situations to do a rental contract and a separate purchase/option contract, rather than combining them into a "lease/purchase contract".