do i have to wait for lien release on house before I send contract for deed to title company?
Our house burned, neighbor wants to purchase the house and land, the house is fixable, the insurance paid and I sent lender a check to pay off loan. We just did a contract for deed on house, he paid 1000. up front and owes 7000. at close. No financing, just cash. Do I have to wait for the lien release from lender before I send in contract to the title company to start closing?
You need to involve a board certified real estate attorney to give you advice on all contract for deed purchases. Probably smart idea not to charge interest from what I understand, but there is nothing to close if you did contract for deed. Buyer doesn't actually get the deed, until note is paid with contract for deed. Buyer might want to record contract at the courthouse.
Since it's all cash, it will most likely be a quick close....and the buyer will want a clean deed. I would contact your lender and find out how long it will take to release the lien.
So your land is only worth $8000? Do your have an attorney or an agent involved in this?
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