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A Contract for Deed is a tool that can allow buyers who either don’t qualify for traditional lending options or who want a faster financing option to purchase property. … The seller retains legal title to the property until the balance is paid; the buyer gets legal title to the property once the final payment is made.
A contract for deed, also known as a “bond for deed,” “land contract,” or “installment land contract,” is a transaction in which the seller finances the sale of his or her own property. In a contract for deed sale, the buyer agrees to pay the purchase price of the property in monthly installments.
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Seller Tax Consequences. … As an installment sale, the seller pays any capital gains taxes over the contract’s length, not all at once. Also, interest income earned by sellers in land contract sales is taxed at ordinary income rates.
Seller financing can be carried out in one of two ways. The first is for the seller to “take back” a mortgage on the house. You, the buyer, sign both a promissory note (promising to repay the loan) and either a mortgage or a deed of trust (allowing the seller to foreclose if you fail to pay).
As the property is mortgaged, you can not sell part of the land without first getting your lender’s consent. … You may find that the lender wants to have a professional valuation carried out, for which you will have to pay and if there is still sufficient equity to support your mortgage you should get consent.
Contract for Deed Refinancing. In many cases you may be able to refinance your contract for deed, though you‘ll need to work with a mortgage lender. In a contract for deed refinance, the seller currently providing your financing sells you the home and you use a new mortgage loan to purchase it and gain legal ownership.
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