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Don't do it. It used to be great, so we heard, now it's not. A Contract for Deed is an installment sale, where the buyer makes regular payments to the seller and when the payments are complete, the seller issues the deed to the buyer. In Texas, contract for deeds are considered executory contracts, so what the gurus say about them is probably not even true for HoustonRealNews' readers. To simplify, once again, don't bother with it. But if you must know more... CONTRACT FOR DEED AND THE LAW In, 2001, the law changed, making contract for deed dealing much more difficult and risky and less profitable. In 2005, the law changed again, making Contract for Deeds not as much dangerous so much as irrelevant. Now the buyer can take the deed from you by handing you a Note and Deed of Trust. You have become an Owner Financer - regardless of your bank's due on sale clause if you have an underlying mortgage (truth be told, your Contract for Deed probably triggers a due on sale clause itself anyway.) If you need to see the language of the new law, here is the code - in full. 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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