A Contract for Deed is used as owner financing for the purchase of real property. The Seller retains title to the property until an agreed amount is paid. After the agreed amount is paid, the Seller conveys the property to Buyer.
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This is Michael my real-estate dojo thank you so much for purchasing the real estate subject to sidetrack and let's go ahead and dive in and let me show you how I actually fill out this contract for my companies when I buy a house is subject to now before I dive in I want to let you guys know that I'm not an attorney I'm not giving you legal advice this is the actual paperwork that I use in my own business, and I'm just showing you how to fill it out the way I do it I could be a hundred percent long guys so what I highly recommend is anytime you're going to use any kind of legal documents that you actually seek with an attorney and get their advice so let's go ahead and dive in let me show you what I deal with this paperwork and what I'm going to give it to a motivated seller all right so at the very top right here where my cursor is I usually put the property address in here so let's say the property is 3054 × Y Street Dallas Texas sevenfirewoodo five, so I'll put that right here and then what I do is I put the seller's information on here now pay attention guys is very important in my course I show you how to do this when you're doing mentoring with me, it's very important that when you meet with a seller that you have all this as your makers there so for example if a couple is married you can have the seller husband and the sellers' wife there whenever you're filling out this contract because if you only have one spouse and not the other than this is not an enforceable contract so simply put make sure whenever you go to your appointments all of this is your makers are there and make sure when you fill this out all the decision-makers are there, so you're going to put the seller let's say the husband's here WAIS here or whoever the owners are there are multiple brothers or sisters etc then on here this is where you're going to put your company name so if you're buying it on for example what I'm buying it on my tender my company, so I'll put Mr. investor LLC here okay now one thing that I want to show you this in or its is etc you don't have you know I don't have to put this on here because of the contract from my researching understanding is that the contract doesn't have an assignment clause is your able to assign it, so we get once again from my research understanding is if a contract doesn't have a clause that forbids it from being a sign then automatically you can assign that, but I actually put this in here because if I'm going to wholesale a property which I hardly don't do because I'm not a whole seller I'm a buying old guy but if I was going to, and I've done some is that I would when I'm filling it out in front of the seller when I put my company name here I always let them know that hey in case I don't want to buy it I'm going to assign it just some other investment that's going to buy it is has been a good way to you know explain that to them at that time if you haven't already done it before which I always tell the seller...
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