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Contract for deed
ScottGem thank you for your answer...
I am the SELLER - selling a townhouse with assoc. dues. If the BUYER is taking possession 6/1/08 - the down payment, the first mortgage payment AND the association dues must be paid before he can move in... is that correct? OR does he wait to pay the FIRST mortgage payment on 7/1/08? :confused: :confused: :confused: |
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I know from the sale of my townhome that an amount was put in escrow for the taxes, but as far as his mortgage or common charges, I did not get involved. As long as my common charges were paid up they did not bother me with it.. sorry I could not help more
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First you may want to watch your wording, on a contract of deed there is no "mortage" you are not holding the loan in legal terms, you are merely doing a contract for deed. The person moving into the home does not own the home until he pays that last payment to you.
There is no transfer of deed also until the entire amount is paid. And the contract can be anything you want it to be. Normally the buyer will pay the deposit ( down payment) and the first month payment. ** never had one in an association, but you can charge them a monthly amunt to cover that ( since you are the one still being billed for it, and the one held liable if they do not follow the rules) or require them to pay it yearly in advance if you want. |
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