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    snowmannn06's Avatar
    snowmannn06 Posts: 7, Reputation: 1
    New Member
    		  
    #1

    Sep 21, 2006, 09:56 PM
    Contract for deed
    Selling and wondering what steps to take over and above my realtor?

    Thanks
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Sep 22, 2006, 07:54 AM
    Hello snow:

    Only one - hire a lawyer.

    excon
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member
    		  
    #3

    Sep 22, 2006, 09:20 AM
    If the subject property has an underlying mortgage that will not be paid off, check you loan documents to make sure that such a sale will not trigger a Due on Sale Clause, which could cause a nasty situation for you and the buyer. One advantage of selling an investment property in this manner is that capital gains can be spread out over several years.
    snowmannn06's Avatar
    snowmannn06 Posts: 7, Reputation: 1
    New Member
    		  
    #4

    Sep 23, 2006, 10:31 PM
    I have made my mortgage company aware of this situation. It will not pay it off. But help A lot

    Thanks
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