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A short answer here because we are not lawyers. We do understand a few things, like a simple definition: A contract that sets forth promises that are not yet performedAhhh, I guess the legal definition doesn't do it justice. The 2001 Contract for Deed law, discussed here, contains an analysis of executory contracts: An executory contract is a contract in which one of the parties promises to perform some future act, such as pay an amount of money or purchase a piece of land. One form of an executory contract is a contract for deed, which is an agreement between a buyer and seller of land, in which the seller keeps the title and all rights to the land until the customer pays the land's price in full.Any better? Well, here's the point. You don't want to be in an executory contract situation. You could end up owing Capital Gains on a Sale that hasn't occurred by any standard other than the IRS. You are definitely in a much more committed contract with commensurate obligations, than you would be if you did not have an executory contract. If you have questions and would like more dedicated and one-on-one/small group education, we can set up live in-person or on-the-job learning sessions - upon request or at a regularly scheduled time. Related Articles -BASIC EDUCATION OVERVIEW - Basic Investing ARV - After Repair Value Birddogging Contract for Deed Dealing with Contractors Estimating Profits Evictions - A Primer Executory Contract Foreclosure Overview Foreclosure Types Overview Hard Money Loans - a/k/a Asset Based Lending* Lease Options Leverage MAO - Maximum Allowable Offer Multi-Family Investing Basics as Presented by David Lindahl on March 4, 2006 No-Money Down Real Estate Investing Options Part-Time v Full-time Passive Investing For Beginners Pre-Foreclosure Profit Calculation Remodeling for Beginners Rent vs Buy Is Really Rent vs Sell Seller Financing as Investor Buying Tool Skiptracing Subject To Wholesaling Return to Listing Return to Investor Education |
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