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    chefsrule72's Avatar
    chefsrule72 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 3, 2008, 05:40 AM
    Contract for deed
    My question is very simple my parents sold there house contract for deed what exactly dose that mean?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Jun 3, 2008, 06:39 AM
    Hello chef:

    Well, not having seen the document, it means that when the people have paid off their contract, they get a deed. UNTIL then, the house is owned by your parents, and the buyers are tenants.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jun 3, 2008, 07:27 AM
    It means that a buyer entered into a contract with your parents to buy there house under the terms spelled out in the contract. Instead of the buyers obtaining their own financing for the purchase, your parents agreed to accept payments from the buyers and only turn the deed over to them when the terms of the contract are fulfilled.

    If you parents don't need the money upfront, this can be a good deal for them. They get to keep the downpayment and any monthly payments no matter what. If the buyers default, they become tenants and can be evicted. And your parents can sell the house again.
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