Record contract for deed instead of closing? - Posted by Jim_MN

import · January 9, 2006, 3:50pm

Posted by Jim_MN on January 10, 2006 at 17:31:14:

Rob, thanks for the idea. It isn’t actually my first contract, so using another as a basis is a great idea. I appreciate it.

import · January 9, 2006, 3:50pm

Posted by Jim_MN on January 09, 2006 at 16:50:27:

Good People!

Question: I have several different contracts-for-deed from different guru courses I’ve purchased over the years. How much of a risk am I taking if I sell an inexpensive house in the boonies on a contract for deed using one of these forms and just recording it, as opposed to paying a lawyer to use his form and record it for me?

I have Bronchik’s land contract, and LeGrand’s, and maybe another one or two as well.

Any replies will be appreciated. Thanks!

import · January 10, 2006, 4:28am

Re: Record contract for deed instead of closing? - Posted by John Corey

Posted by John Corey on January 10, 2006 at 05:28:32:

Jim,

The legal costs are minor. If they seem large compared to the deal you have a bad deal. A bad lawyer or a lawyer who does not know how limited their knowledge is can be an issue.
The Bronhchick materials are pretty good IMHO though I am not a lawyer. I use the materials to educate myself so I am a better shopper when speaking with lawyers. Even a good lawyer can not stay up on everything so by my asking well researched questions I can make sure that the lawyer is being directed to where I want to go.
I think Anne’s has some great advice. Leveraging the best information and acknowledging that even if you have the best lawyer you still need others to understand and accept what you have done as being correct. A judge has room to interpret so the information needs to be presented to them in a way that lets make a decision that is in your favor. You can either use a contract they can understand or you can pay to have your lawyer educate them.

John Corey

PS. Have you considered asking the same question over in the legal forum?

import · January 9, 2006, 5:50pm

Re: Record contract for deed instead of closing? - Posted by Anne_ND

Posted by Anne_ND on January 09, 2006 at 18:50:30:

Jim,

If you want to save some money, find out who is the best real estate attorney in your area, then look around in the public docs in your county for a contract for deed (or several) that this attorney used and then use that document for your contract for deed (you’ll need to retype it). Personally I suggest you just pay a RE attorney.

I took Bronchick’s contract to my attorney and he suggested we use the ND state contract because if there were ever any problems, the judge would look more favorably upon a contract that s/he knew well. We just added a few lines of text to cover the issues that the state contract didn’t have. That way it avoided raising any red flags for the judge.

good luck,

Anne

import · January 9, 2006, 4:03pm

Re: Record contract for deed instead of closing? - Posted by Rob

Posted by Rob on January 09, 2006 at 17:03:29:

Jim,

Honestly, for your first deal I would use an attorney. It cost me about $230. Believe me, it was worth it because he looked out for my best interest. Look at it as paying insurance. After the first land contract then you could write one or modify your forms.

You’ll be very happy in the end. A good attorney can save your butt. Recording the land contract is cheap.

import · January 10, 2006, 4:28pm

Re: Record contract for deed instead of closing? - Posted by Jim_MN

Posted by Jim_MN on January 10, 2006 at 17:28:10:

Thanks for the feedback. I like Anne’s idea too. And I like your idea for the legal forum too. You people are tuned, as the kids used to say. Be well!

import · January 10, 2006, 4:29pm

Re: Record contract for deed instead of closing? - Posted by Jim_MN

Posted by Jim_MN on January 10, 2006 at 17:29:39:

Thanks! Good points. I appreciate it.