Re: HELP!!!Record or not Record - Posted by JPiper
Posted by JPiper on March 03, 1999 at 09:08:00:
As a seller I don’t record contracts for deed. There’s no need for YOU to be concerned about this?.it’s more of a concern for the buyer. He’s taking the risk if this deal is not recorded. By the way, I would have it notarized.
What should be of more concern to you is that you are entering into a transaction where you clearly don’t know how it works. This is always dangerous. Why don’t you pay an attorney $100 and ask a few questions? Matter of fact, while you’re at it, why don’t you have the attorney look over the contract and make any changes necessary to protect you?
Should you stay away from the buyer? Well I presume you have pulled a credit report. I presume he has made a down payment. I presume you have acquainted yourself with this lawsuit he is involved in, what it is about and why it arose. Some lawsuits would concern me less than others.
Finally your question of “How can I protect myself if I decide to stay” totally confuses me. If you sold on a contract for deed?you sold. You’re not staying whether you want to or not?.that’s the implication of a sale via contract for deed.
You owe it to yourself to understand what you’re doing. If you don’t, seek out legal advice. In general a sale via contract for deed by it’s nature, assuming that this mortgage broker has not modified the contract in some way, will be tilted in your favor as the seller. Do yourself a favor?.find out the rules of the game, or don’t play the game.