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All wet-ink signed documents will need to go to the auditor unless expressed otherwise by the buyer.
Checklist for Contract for Deed
To ensure that your transaction adheres to local and state laws and regulations please take a moment and go through and check that the following documents are included in your collateral package.
Here is a checklist of documents typically required for the sale of a Contract for Deed/Land Contract.
Contract for Deed Agreement: The primary document outlining the terms of the sale.
Seller's Disclosure Statement: This document provides information about the condition of the property and any known issues.
Title Report: A report confirming the current legal status of the property's title, including any liens or encumbrances.
Warranty Deed: If applicable, this document transfers legal ownership of the property from the seller to the buyer.
Promissory Note: An agreement specifying the terms of the loan, including interest rates, repayment schedule, and consequences for default.
Closing Statement or Settlement Statement (HUD) Truth-In-Lending Disclosure: A detailed breakdown of all financial transactions related to the sale, including closing costs and fees.
Property Inspection Report / BPO: A report detailing the condition of the property, including any repairs or improvements needed.
Insurance Documents: Proof of insurance coverage for the property, including homeowner's insurance.
Tax Records: Copies of property tax records and payment history.
Homeowner's Association (HOA) Documents: If applicable, documents related to any homeowners' association rules, fees, and covenants.
Lead-Based Paint Disclosure: Required if the property was built before 1978 to inform the buyer of potential lead-based paint hazards.
Notarization: Some documents may require notarization and a Witness for legal validity.
Any Special Agreements, Amendments, Allonge, or Certification: Any additional agreements or amendments specific to the contract for deed.
Payment History: Loan Statements, Payment Receipts
Borrower ID: Driver’s License, W-9, Picture ID
Financial Documentation / Loan Application: Proof of the buyer's/borrower’s ability to make payments, such as bank statements, credit reports, or employment verification.
Compliance with State Laws: Ensure compliance with any state-specific requirements for contract for deed transactions. States have substantive laws governing Land Contracts:
To learn more about land contract regulations & requirements click here: link
DISCLAIMER: The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.
You can print the transaction checklist to use and add it as a manifest.