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Contract for Deed vs. Owner Finance with Lien

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LuckyFish

Junior Member
From Texas: I have lived in a home (condo) in Texas since August of last year. It purchased with cash from an investor, and together we signed a Contract for Deed. I would much prefer the Deed be in my name, with her having a lien against the property until paid. I could then serve on my HOA, have a homestead exemption, and other benefits. I owe less than $20,000, and my CFD is 5 years. Could you please explain the differnce in the two...she would still be protected, until I paid.....right?? Thank you in advance for assistance.
LuckyFish :rolleyes:
 


S

seniorjudge

Guest
LuckyFish said:
From Texas: I have lived in a home (condo) in Texas since August of last year. It purchased with cash from an investor, and together we signed a Contract for Deed. I would much prefer the Deed be in my name, with her having a lien against the property until paid. I could then serve on my HOA, have a homestead exemption, and other benefits. I owe less than $20,000, and my CFD is 5 years. Could you please explain the differnce in the two...she would still be protected, until I paid.....right?? Thank you in advance for assistance.
LuckyFish :rolleyes:
Click to expand...
I agree with you ... but "investors" are generally predatory and don't really give a rip what you want.

It won't hurt to ask her to convey the land to you by a deed and then you give her a deed of trust (similar to a mortgage) as a lien on the land for whatever you owe her.

If she agrees to do that, be sure to get your own lawyer to protect your interest...you can bet the lady vulture has her assets protected....
 
L

LuckyFish

Junior Member
Thank you, SeniorJudge, for your reply! Can you think of any reason she WOULDN'T want to do this? I offered her an addtional $3,000 for her consideration. Thank you again.
LuckyFish
 
S

seniorjudge

Guest
LuckyFish said:
Thank you, SeniorJudge, for your reply! Can you think of any reason she WOULDN'T want to do this? I offered her an addtional $3,000 for her consideration. Thank you again.
LuckyFish
Click to expand...
$3K would make me do just about anything...let's hope she's just as greedy as I am....
 
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