On a Cfd In OK, if your buyer wants you to file a CFD they will have equitable intrest in the property. Meaning you cannot just evict them. You must foreclose. As long as your buyers have a copy of the CFD that should be enough protection for them. When they refi or pay off the balloon then you can file the actulal deed. (why file the CFD and the deed when you can just file once?) It is a contract For deed, and it may stop you from refing the house. It really depends on the lender.
I live in Oklahoma and am considering selling a house on a contract for deed. I have a mortgage with my bank on a 15 yr am, balloons every 5 years. My contract for deed between me and my buyers, will be a 15 yr term. If I file the CFD with the county will I be unable to refinance the balance of my loan? In other words will The filed CFD be a red flag to lenders (cloud on the title). My banker is ok with it, but if he quits or dies am I screwed as far as other lenders are concerned? My problem is most buyers want something filed with the county so they feel protected but I need to maintain controll of all financing options. Please advise.