If you are looking to purchase a property, but don`t want to go through the traditional financing process, a contract for deed might be a good option for you. This type of arrangement allows the buyer to make payments directly to the seller, rather than going through a bank or other lender.
And the good news? You can find free printable contract for deed forms online that can help you get started with this process.
What is a Contract for Deed?
A contract for deed, also known as a land contract or installment contract, is a legally binding agreement between a buyer and seller. In this arrangement, the seller acts as the lender, allowing the buyer to make payments over time until the property is paid off in full.
During the term of the contract, the buyer has the right to use and occupy the property, but the seller retains legal ownership until the buyer has paid the full purchase price. Once the buyer has made all required payments, the seller will transfer legal ownership of the property to the buyer.
Why Use a Contract for Deed?
There are several reasons why someone might choose to use a contract for deed:
1. No Credit Check Required
Because the seller acts as the lender, there is no need for a credit check. This can be helpful for buyers who have poor credit or who might not qualify for traditional financing.
2. Faster Closing Process
Since there is no need for a bank or other lender to get involved, the closing process can be much faster than a traditional sale.
3. Easier to Qualify
The requirements for a contract for deed are typically less restrictive than those for a traditional mortgage. This can make it easier for buyers to qualify for a property.
Where to Find Free Printable Contract for Deed Forms
If you are interested in pursuing a contract for deed, the first step is to find a free printable form to get started. There are several websites that offer these forms, including:
1. LawDepot.com
LawDepot.com offers a free contract for deed form that can be customized to meet your specific needs. You simply answer a few questions about the property and the terms of the agreement, and the form is generated for you to print out and sign.
2. PrintableContracts.com
PrintableContracts.com has a variety of free contract for deed forms available for download, including a basic form, a commercial form, and a form for purchasing raw land.
3. FreeContractforDeed.com
As the name suggests, FreeContractforDeed.com offers free contract for deed forms that can be downloaded and customized for your specific needs.
Before using any of these forms, it`s important to review them carefully and consider consulting with a real estate attorney to ensure that the terms of the agreement are legal and appropriate for your situation.
In Conclusion
A contract for deed can be a good option for buyers who are looking to purchase a property without going through the traditional financing process. With free printable contract for deed forms available online, it`s easy to get started with this type of arrangement. Just be sure to review the forms carefully and consider seeking professional guidance to ensure that everything is legal and above board.