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14 September, 08:36

What are the disadvantages of a contract for deed? Write at least 2

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  1. 14 September, 09:56
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    A Contract for Deed refers to the tool which allows buyers who do not qualify for conventional lending, or buyers who are in need of a faster financing option to purchase a property.

    The seller will still retain the legal rights to the property until the balance of the payment is made. The legal rights are only transferred after the buyer has made the final payment.

    Disadvantages Include:

    To the seller, clearing the title may take time and money if the buyer defaults on the contract. The seller can decide to foreclose on the property if the buyer defaults, and the buyer has no recourse against the seller.
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