CONTRACT FOR DEED FOR EVERGREEN COLORADO REAL ESTATE
A Contract for deed is an agreement which orders the conveyance of interest in Real Estate and requires a written contract signed by both parties and enforceable within the jurisdiction of the Statute of Frauds. This is an instrument that is finding a greater use in these turbulent times.
The usual dilemma is that a couple wants to purchase a home but do not have the down payment or can not get a mortgage because of credit issues. So the sellers can sell them the home under a Contract for Deed, where the seller promises to give the buyers the deed when certain requirements are met. The original mortgage is not paid off but still remains as a lien on the property under the name of the seller.
The advantage to the buyer is that they set the purchase price in a down market and have, in effect, bought their home as long as they abide by all the terms of the contract. The sellers have sold the property and are free of all the responsibilities of home ownership. If the buyers default and the sellers took a second mortgage they will not have to refinance the home to foreclose but only foreclose on the second mortgage, since the first mortgage was not paid off because technically the house was not sold but only contracted to be sold when certain conditions are met.
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