A Contract for Deed Lawyer in Kansas City Explains Deeds, Part 4 — A contract for deed lawyer in Kansas City wants to discuss several components that make up a contract for deed versus a traditional mortgage. This four-part series will explore the risks and realities, the facts and features, the appeal to buyers, historical objections, risks to buyers, ways it promotes home ownership, and expert advice.
Kansas City foreclosure attorneys know that it is best if their clients know some law terminology to be adequately informed when discussing their cases. Last time we discussed the appeal to buyers and the historical objections in detail. A contract for deed lawyer in Kansas City will end this series by focusing on two more fundamental concepts. Read further to find out about contracts for deeds.
Advice from a Contract for Deed Lawyer in Kansas City
As we have previously stated, contracts for deeds have an appeal because they are an alternative to financing. Given the risks we have covered in several previous blogs, proceed with caution when choosing this as a loan option. Proceeding with caution in a private market situation without an attorney’s advice and contract perusal is probably not the best idea.
Remember, if you proceed, the seller must set forth the terms of the contract in the purchase agreement. Both parties must understand the terms before you can move forward in the process. Once the agreement is signed, the options available to both the buyer and seller become limited.
You need to discuss:
- Who is responsible for property taxes?
- Will there be a balloon payment?
- Who is listed as the valid owner of the home?
- Make sure the buyer checks on the seller’s mortgage to avoid scams.
- If the seller defaults on their mortgage, will the buyer lose their home?
- The buyer needs a Truth of Sale Housing report to see the home’s condition.
Finally, once the contract for deed lawyer in Kansas City has looked at the contract or you have decided to move forward, the buyer should record the transaction immediately with the county recorder’s office. While statuses with these kinds of contracts are not monitored, it does help prove the buyer’s possession of the property. This insurance protects the buyer from post-contract encumbrances placed on them by the property seller.
Contract for Deed Lawyer in Kansas City — Make Sure Things Run Smoothly
Even though Kansas City foreclosure attorneys have gone over several risks with you in this series for entering into a contract for deed arrangement, it does not mean they are wrong. When used the right way, it can be a good fit for specific consumers and people who otherwise would not qualify for loans.
Protecting the interest of buyers and sellers is a two-way street. That it is best to hire Kansas City foreclosure attorneys to help you with this. Make sure that buyers and sellers learn the ins and outs and do their homework. Understanding the potential risks, we have gone through in this series are essential. By being informed and prepared, plus the hiring of a contract for deed lawyer in Kansas City, everyone can have a positive outcome through this process.
KC Foreclosure: Your source for lease option foreclosure help in Johnson County Kansas
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.
