Kansas City Foreclosure Attorneys on Contracts for Deeds, Part 2 — A contract for deed lawyer in Kansas City may to talk to you about several components making up a contract for deed versus a traditional mortgage. In part two of this four-part series, we will explore the risks and realities, the facts and features, historical objections, appeal to buyers, risks to buyers, ways it promotes home ownership, and provide 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 risks, realities, facts, and features in detail.
A contract for deed lawyer in Kansas City will continue this series by focusing on two more fundamental concepts. Read further to find out about contracts for deeds.
Kansas City Foreclosure Attorneys — Appeal to Buyers
Homebuyers are attracted to the contract for deed purchase for several reasons. This might appeal to those with bad credit or those who work in cash-only jobs. Since the loan process is much shorter than traditional loans, it also appeals to those under time constraints or with limited options, such as those needing Kansas City foreclosure attorneys.
If someone is facing foreclosure, a deed purchase contract could be the answer to their prayers.
It isn’t easy to know how popular contracts to the deed are because they do not have to report the contract. A mortgage must have a lot of paperwork with these details, but with this kind of contract, you can remain anonymous.
Despite laws in some states requiring the record of sales within a period, these often go unrecorded because no one has the legal sophistication to understand the rules.
Kansas City Foreclosure Attorneys — Historical Objections
Many buyers cannot qualify for traditional loans and resort to using a contract for deed lawyer to help them purchase one. Often attorneys call the idea archaic because it is an older law method. Some attorneys believe contracts for deeds have no place in today’s society, leaving both the buyer and seller vulnerable.
Another objection to contracts for deeds is that they have a reputation for offering little legal protection to buyers. Despite being required to do all the home maintenance responsibilities, buyers have limited ownership rights and control over their properties while making sellers’ payments. Buyers acquire no redemption rights in Kansas City through the transaction.
In the end, if there is an issue, the biggest problem is courts almost always favor the buyer and extend the mortgagor’s protections to them. This is the second part of this four-part series about contracts for deeds. As you can see, there are some risks and an appeal to buyers. If you have any questions, contact our contract for deed lawyer in Kansas City.
KC Foreclosure: Your source for Kansas City Foreclosure Attorneys
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.
