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What Documents Do I Use In A Contract for Deed Deal?
Joe: Hey, it’s Joe. Got another question here. This one is, “In my market I get a lot of contract for deed clients for both buyers and sellers. I understand that a contract for deed is similar to a land contract. I want to know, do you have any contract for deed assignment of contracts that are available to obtain and what two or three documents are needed to do a contract for deed assignment to set up a deal correctly, assign our interest to the buyer?”
Joe: If you’re in my mentor program, in the contract zip file you can download an example of a land contract. You can also get those contracts on, just by searching Google you could probably find one that way or you could have your attorney draw one up. Most land contracts are contract for deeds, and contract for deeds by the way is in a trust deed state, land contracts are in mortgage states. So if you know you’ve got mortgages, and you’re in a land contract state, if you’ve got trust deeds, then you know you’re in a contract for deed state. And you can get those, what I would suggest is, when you know you’re going to do a deal like that, you have the attorney draw one up for you, you pay them for it, you have them send it to you on a Word document, so now you’ve got a copy of it that you can modify for future use.
Joe: If you’re going to assign a deal on a land contract, instead of taking a land contract yourself, and assigning it, you’re going to get a purchase agreement that allows you to buy it on a land contract that is assignable and contingent upon approval by your investor, which is the person you’re going to sell it to. So you get a purchase agreement, it’s going to be assignable, it’s going to be contingent on approval by your investor, and you’re going to be able to have ninety days to close and then you’re going to go out and find a new buyer who’s going to buy it on a land contract and then you assign your right using an assignment form which, again, you can, you can get that online or you can get any attorney to draw it up. Basically it just says, “I’m going to assign my right to buy to you,” and of course, if you’re in the mentor program, it’s in the contracts zip file.
Joe: And you can assign your right to buy to those people and then they can close the deal between the buyer and seller, usually at a title company where they’re going to get title insurance to close that deal. So that’s the way that would work.
Joe: The other thing you might want to have is a disclosure form, and I’ve got those in my documents as well. Just make sure that the people know that they’re counting on themselves to, the value and the condition of the property and those types of things to make sure that they’re not expecting you to be their realtor. Make sure that they’re not expecting you to represent them in the deal and that they’re doing their own due diligence. It’s important to have anybody who’s buying from you or selling for you to sign that document so it doesn’t make you responsible for those things.
Joe: All right, hopefully that answers the question. Good luck with it.