: Verify the seller actually owns the property and that there are no undisclosed liens.
: If you miss a single payment, you may lose the property and all previous payments (depending on state law).
: The full legal description of the property, the street address, and the Permanent Index Number (PIN). Financial Terms : Purchase Price : The total agreed-upon cost of the property. Down Payment : The amount paid upfront.
: In many jurisdictions, the contract should be recorded with the county recorder's office to protect the buyer's interest. Common Risks
Information on how to in your specific county.
Below is a breakdown of the essential components required to complete a formal contract for deed. Core Contract Requirements