By law every contract for deed transaction must use this form. The realtor or seller will be fined if they do not use this form.
Selling your home is a tough thing to do. Most sellers want to sell their home as quickly as possible. And, of course, They want to sell it at the highest price possible. That sounds simple, but it is not. It takes the help of a good real estate agent to aid in setting the price, preparing the home, and marketing the home effectively to attract buyers. Once you are ready to get started, your real estate agent will help you:
• Properly prepare and stage your home
• Strategically set the price
• Market your home to buyers
• Take the time to show the home to prospects
• Negotiate the best possible selling price
• Complete all of the required agreements to finalize the deal
Contract for Deed homes in Minnesota-Wisconsin
Seller financing is a loan provided by the seller of a property to the buyer, to cover part or all of the sale price. This process, also known as owner carry back or owner financing, is used in a variety of situations as a creative financing option.
Seller will carry a contract for deed-land contract -not for the buyer for a set time line and rate with a down payment.
We draft all the terms of the agreement for the buyer if need be. Go over the purchase agreement and addendum with the seller. Discuss the best possible terms for the seller to recieve..
Ensure that the contract for deed document is legal and conforms to Minnesota law. You can download a blank Uniform Contract for Deed form and other approved contract for deed forms from the Minnesota Department of Commerce website.
Use a BoardWalk Premier Realty INC to assist with the purchase agreement and closing. It is strongly advised that buyers and sellers each have their own representation.
Consider escrowing for taxes and insurance. If the buy- er fails to pay taxes and insurance, your property will be at risk. A seller can escrow a portion of the payment to pay annual property taxes and insurance.
If not a seller should be listed as an additional insured on the insurance certificate and register with the county the property is located in to request duplicate notice of delinquent real property taxes.
Make sure the interest rate you are charging does not exceed the maximum allowed by law. Call the Minnesota Department of Commerce at 651-297-7053 to get a re corded message for the current month’s maximum rate.
It is reasonable to ask for a letter from a lender or housing counselor that includes a time- line and the corrective actions the buyer needs to take to repair his or her credit and qualify for a mortgage.
It is unlikely that a lender will provide any sort of commitment to make a permanent loan after the con- tract expires.
Clarify responsibilities between seller and the buyer for such things as property tax payments, homeowners insurance, basic maintenance and property upkeep, repairs.
If buyer is paying for homeowner’s insurance, get a copy and be sure you are listed as loss payee on the policy.