I have a house under Contract for Deed at $60K with no money down. The seller needs about$300 a month to cover payments. I have have a buyer interested in taking on this property under a Contract for Deed with me. They will pay me $67K with 10% down and monthly payments of $550 a month. What do I need to do to make this both legal and work for everyone involved. It cant be as simple as just signing a C4D with the seller and then signing a C4D with the buyer. Isnt there insurance, title issues, or anything like that I need to be careful about??? This is my first deal so I am really nervous!
You didn’t say what state you’re in. But generally speaking, this being your first deal and wanting to be safe rathter than sorry, contact a local real estate attorney or title company. Explain what you are doing and ask for their assistance. Do this once or twice and you’ll be good to go on your own when similar deals are found.
yes u need to transfer deed to yourself (as long as your state permits CFD’s on properties with mortgages already) and get insurance, and have your buyer sign a note, and other paperwork. there are several steps involved. i would say to do what the other poster said and find a title co used to doing sub 2’s. just ask, if u get a ‘huh’ response, move on the next one.