Comments for real estate

Average Rating starstarstarstarstar

Click here to add your own comments

Sunny Florida
by: Lanard Perry

You're describing a "Contract for Deed". It's also commonly known as a Land Contract, Contract For Land and Real Estate Installment Agreement.

Here's how you can find a sample contract.
Go to this site and look up Texas Contract For Deed.

A Contract for Deed is used by an owner to finance the purchase of real property. The Seller retains title to the property until an agreed amount is paid. However, after the agreed amount is paid, the Seller conveys the property to Buyer.

Still, I've got to confess that I don't know much about Texas Real Estate, but if it's anything like Florida this would be the way to do it.

But no matter what it's called it comes down to selling the land to your daughter and son in law on an installment loan agreement arrangement; and if you have a loan on the property you may need to get the approval of the lender in order to do it (whether they're a private lender or a lending institution) to do it.

If they agree it can be a pretty simple process and if you're real estate savvy you can purchase and use these forms. But if you're not I encourage you to seek the professional guidance of a rel estate agent to assist you.

In some instances they may be willing to draw up a contract for you for a little of nothing, especially since they won't really be doing a lot of work for the transaction.

Another option is to contact a real estate attorney or land title company. They too may be willing to offer discounts, but even if they aren't it could be wise to employ them anyway.

Why? Because real estate is a major investment and you don't want to do anything to jeopardize your title and ownership of your property - even if it's to family.

A nice thing about Contracts for Deed is that they're usually pretty simple and straightforward. But what you've got to be able to do is deliver a free and clear title after your daughter and son in law pays off their loan to you.

Meanwhile, you're responsible for paying off your loan while your daughter and son in law are paying you. And when they've paid in full you need to be able to convey possession and clear title to them.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Real Estate Questions.

Return to real estate.