Posted by AJ - Oklahoma on March 19, 1999 at 16:02:44:

You and the seller would agree on the price and all the terms in your offer to purchase. Then, at least here in OK, if the seller is going to provide financing you would draw up a Contract for Deed which acts as both a transfer of the property to you and as a mortgage. This is recorded at the courthouse just like a mortgage, but does not give you the deed to the property until you have met all the terms of the Contract for Deed (normally until you have paid off the note the seller financed).

It sounds to me as if the seller does not want to do the titlework now since he does not have to give you title to the property. That would make me very nervous. It could cost around $1000 for the title work, plus the price of the title insurance, but that is a small price to pay for peace of mind.

I don’t think I would do business with this seller, if he would not provide proof of a clear tile at the outset or allow you to pay for the title work yourself.



Posted by John_OK on March 19, 1999 at 11:57:34:

I was wondering. For low sales prices like under 7K should I use a Contract for Deed or a Purchase Contract. I talked to one seller that said the Title Co. would charge about 1/3 the price of the property to bring everything up to date and inspect the title…etc…

Need help…what should I do…what would you do?

John Investor…

P.S. I’ll be at 6-flags 20-21 March…anyone that would like to meet please let me know tonight in the chat room.