505 East Jackson Street-Suite 303 - Tampa, Florida 33602
Phone: (813) 387-7724 - Fax: (813) 387-7727
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505 East Jackson Street-Suite 303 - Tampa, Florida 33602 Phone: (813) 387-7724 - Fax: (813) 387-7727
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Knowledge Is Key To Buying and Selling Real Estate By Attorney Miriam L. Sumpter Richard
WHAT IS AN “AGREEMENT FOR DEED" OR “LAND CONTRACT”? This document works like a mortgage, except that the legal title does not pass until a pre-determined and stipulated number of payments have been made. One bad thing about this document is that it does trigger the due-on-sale clause in a mortgage. If the lender learns of the transaction, they can ask for the entire mortgage to be paid in full or they can foreclose. One good thing about this document is that it calls for the purchaser/buyer of the land to pay for all or most of the property before he or she receives legal title. The seller (homeowner) should make sure the money comes to them and then they mail it to the mortgage company. Then this could be a win-win situation for everyone.
For More Information Contact: Tel:
(813) 387-7724
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