Easily Replace Phone Field from the Contract For Deed/Land Contract

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How to Replace Phone Field from the Contract For Deed/Land Contract

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welcome back to this five-part video series about how to structure and buy real estate using creative financing this is video three in the series and on this video Im going to show you everything you need to know about structuring and buying real estate using a creative financing strategy known as a land contract or contract for deed get ready to learn what it is the pros and cons and how to use it to make money in real estate coming up hey its Geryon or the nations leading expert on flipping real estate and if youre new here to make more money and less time flipping real estate so you can live your dream life subscribe to my channel click the bell I kind of get notified when new videos are released just to clarify so theres no confusion mortgage states use a land contract and trustee states use a contract for deed but its basically the same thing for ease of use on this video Im gonna just use land contract a land contract is another form of creative financing and its a type o

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What are the 5 essential elements of a valid real estate contract?

Required Elements of a Real Estate Contract To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.

What is the most prevailing disadvantage of a land contract to the seller?

Land contract cons. Higher interest rates Since the seller is taking most of the risk, they may insist on a higher interest rate than a traditional mortgage. Ownership is unclear The seller retains the property title until the land contract is paid in full.

Is there a way to get out of a contract where the seller of land made a promise to hold open the offer for sale?

If there is a promise to hold the offer open but no specific time period is laid out, the offer cannot be revoked for a reasonable amount of time. However, whether the time period is specifically laid out or not, an offer cannot be held open for longer than three months.

What are essential terms in a contract?

No contract is valid unless it contains three essential elements: (1) the names of the parties, (2) the subject matter, and (3) consideration. Each of these terms is defined below.

What are the 3 essential elements of a contract?

Elements of a Contract Offer - One of the parties made a promise to do or refrain from doing some specified action in the future. Consideration - Something of value was promised in exchange for the specified action or nonaction. Acceptance - The offer was accepted unambiguously.

What are 2 disadvantages of a contract for deed?

If youre the buyer in a contract for deed arrangement, you need to be aware of the following risks. Property maintenance. One contract for deed drawback is the uncertainty over whos responsible for what. No foreclosure protection. Balloon payment. Seller retains title. Less consumer protection.

What are the three essential terms in a land contract?

These are the typical terms in a land contract: Name and address of all parties. A description of the property. Acknowledgement of the person who owns the property.

What are the 4 essential elements of a valid contract real estate?

REQUIREMENTS OF A REAL ESTATE CONTRACT The contract must be in writing and there must be an offer and an acceptance of said offer. The contract must have mutual assent and legal purpose. The contract must identify all of the parties involved. The contract must identify the subject property.

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