Posted by TomC-(MD) on December 08, 1999 at 14:49:25:
It really depends are what you want to do with the property,once you have control. Live in it as a residence, lease it out as a rental or flip it? Providing that info will help.
Congrats on finding a willing seller that has no outstanding mortgages…that’s a big part of the deal!
Need Help-two simple contract questions! - Posted by RC
Posted by RC on December 08, 1999 at 12:57:53:
Hello everyone,
I’ve just negotiated a deal with a homeowner to buy his home on contract. He owns the home outright (no loans in place). I’ve done a title search on this home and it is completely clear. He does owe back taxes that I will be responsible for. I’ve negotiated an “extremely good deal” and want to get an initial contract in place so he doesn’t shop it. What basic contract do I use to tie the place up, and then what contract should I use to buy the home. Contract for Deed, Land Sales Contract, What? Thanks for all of your help.
RC
Re: Need Help-two simple contract questions! - Posted by JPiper
Posted by JPiper on December 08, 1999 at 21:56:18:
Since you don’t have the contracts at present AND you’re about to do a contract for deed…if I were you I would head down to your attorney and allow him to write up a contract which protects you. Don’t make the mistake of trying to figure this out all on your own.
JPiper