Contract for Deed Lawyer in Kansas City: KC Foreclosure Attorneys on Contracts for Deeds, Part 1 — A contract for deed lawyer in Kansas City may want to talk to you about several components making up a contract for a deed versus a traditional mortgage. In this four-part series, we will explore the risks and realities, the facts and features, the appeal to buyers, historical objections, risks to buyers, ways that it promotes home ownership, and advice from the experts.
Kansas City foreclosure attorneys know that it is best if their clients know some law terminology to be adequately informed when discussing their cases. The contract for deed lawyer in Kansas City will begin this series by focusing on two key concepts. Read further to find out about contracts for deeds.
Contract for Deed Lawyer in Kansas City — Risks and Realities
Contracts for deeds offer some advantages over traditional mortgages. Unlike a mortgage, they are faster and more straightforward, but there are a lot of risks for buyers and sellers.
Sometimes it is hard to get a line of credit, so borrowers have limited options. Enter a contract for deed lawyer in Kansas City. People with limited options sometimes opt for a contract for deed to get them the property they desire. In a contract for deed, the purchase of the property is financed by the seller instead of a bank or credit union. The seller extends the buyer credit so they can purchase the home.
Sometimes public and nonprofit organizations help low-income households by using a contract for deed lawyers in Kansas City. However, because this contract is nontraditional, there are risks involved, especially to the seller. Read on to find out about the facts and figures associated with this substitute for a traditional mortgage.
Contract for Deed lawyer in Kansas City — Facts and Figures
A contract for deed is also known as a bond for deed. In some cases, people have even referred to it as an installment of a land contract. When you use a contract for deed lawyer in Kansas City, you are using them for a monthly installment plan to purchase your property.
The buyer immediately takes possession of the property, often paying little to nothing down. This process goes rather quickly, especially with Kansas City foreclosure attorneys involved. However, the default on this type of arrangement will also go rather swiftly. If the buyer defaults on payment, the seller has several options. These include repossession, canceling the contract immediately, and keeping all the payments made by the buyer. There is much less red tape in the repossession, and it can happen immediately.
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Since there are no safeguards like that of a traditional mortgage, it is a rent-to-own arrangement. The contract deed lawyer in Kansas City should look over any contract like this. You must have an attorney involved in this transaction as either party may sell their interest in the contract at any time.
In our next entry, we will tackle more facets of the contract for deed, including the appeal to buyers and historical objections. Now that you know what a contract for deed is, plus risks and realities, we know you are curious about the appeal.
Do you need a Kansas City foreclosure attorney? Real Estate law is a wide-ranging practice area. KC Foreclosure Law is your one-stop-shop for favorable outcomes across the spectrum of real estate law. From filing a quit claim deed in Kansas City to trustee assistance. KC Foreclosure Law is here for you whether you need to transfer property ownership, litigate complex ownership disputes, evict a tenant, or even find yourself in the middle of a closing dispute. Our contract for deed lawyer in Kansas City is here to help you with everything from redemption rights in Kansas City to mortgage defaults.
Our attorneys frequently advise clients on foreclosure matters, including losing your home and working through forbearance. If you find yourself at risk of losing your home call KC Foreclosure Law for a free consultation.
