The Contract for Deed Form Made Simple
When you decide to buy a property, obtaining a mortgage seems like the most convenient solution. The bad news is that this option isn’t available to everyone. Many applications get rejected for various reasons, including:
- Questionable credit scores
- Unfavorable employment situation
- Bad employment history
- Insufficient down payment
In such cases, you may turn to a contract for deed form—a legal document that helps you purchase your dream property without loads of requirements. Follow our tips and learn how to write a valid contract stress-free!
What Is a Contract for Deed?
A contract for deed is a real estate purchase document for people who don’t qualify for a traditional mortgage. In it, a buyer agrees to pay monthly installments directly to the seller. They can use the property or reside on it, but they become a legal owner only when they pay the full price. The contract usually proposes a set period for the buyer to pay off the debt.
This document determines the terms and conditions of the collaboration between a seller and buyer. The parties are free to negotiate and define the rules, which wouldn’t be possible with a standard mortgage.
What Risks and Benefits Does a Contract for Deed Bring to Sellers and Buyers?
Contracts for deed bring many advantages, but they also entail certain risks for both parties. Below is the table highlighting some benefits and drawbacks of this agreement:
What Should You Include in Your Contract for Deed?
The following list shows a recommended structure you should follow while drafting a contract for deed:
- Information about the buyer and seller
- Full legal names of both parties
- Contact information
- State (if the parties reside in different parts of the USA)
- Property information
- Full physical address
- Description of the property, including the description of the premises and square footage
- Property use and access
- Payment details
- Full purchase price
- Number of monthly installments
- Interest rates
- Payment method
- Late payment penalties
- Other relevant terms
- Potential seller’s debts
- Property insurance and tax details
- Responsibilities of each party
- Default protocols
Discover a Full Range of Customizable Templates With DoNotPay
To create a valid contract, you must:
- Get familiar with local regulations
- Adapt the contents of your agreement to the existing local laws
- Use appropriate legal terms
- Write the agreement clearly and concisely
- Have it notarized if the laws in your state require it or if you want additional security
For most people, these steps are too hard to handle. Finding a lawyer to draft your contract guarantees a proper and well-made document, but it may cost you an arm and a leg. If you don’t want to take risks with generic and inaccurate online templates, DoNotPay has the solution.
Our app helps you come up with a perfect agreement based on your state’s laws! All you should do is choose a customizable template from our database, and we will generate a personalized document for you in an instant.
That’s not all. You can also have it notarized by booking an appointment with an online notary in the same app. Once you obtain a notary’s digital signature, use our Online Fax feature to fax your documents to anyone from your phone or laptop!
How To Draw Up an Agreement With DoNotPay
To get your personalized contract, follow these steps:
- Sign in to DoNotPay in any web browser
- Pick the template you want to modify
- Give us more details on the contents of the contract
The only remaining step is to download your agreement and sign it!
What Documents Can You Create With DoNotPay?
Our app offers 15 document templates listed in the table below:
|Real Estate Legal Documents||Other Legal Documents|
If you can’t find the desired contract on our list, don’t worry! DoNotPay features many practical guides on most sought-after legal documents. Visit our knowledge base and learn how to create:
- Distribution Agreements
- Restrictive Covenant Agreements
- End-User License Agreements
- Corporate Integrity Agreements
- Business Associate Agreements
- Lease Purchase Agreements
- Basic Rental Agreements
- Commercial Lease Agreements
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