Prepare Legal Delaware Contract For Deed Forms For Free

The legal term ?contract for deed? refers to a real estate transaction that takes place directly between the buyer and the seller, with no lender involved.

A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

The Process of Transferring Property Identify the recipient or donee. Discuss the terms and conditions of the transfer with that person. Complete a change of ownership form. Change the title on the deed. Hire a real estate attorney to prepare the deed. Notarize and file the deed.

Include the agreed upon purchase price, down payment amount, interest rate and payment details. You should also outline the payment schedule and how and where payments are to be made. Besides monthly payments, you'll want to define if they will have to pay a final lump sum or balloon payment at the end of the term.

A sales contract is a special type of contract. In order for it to be valid, it must contain clauses about free consent and the competency of the signing parties. A sale and an agreement to sell are part of a sales contract. No formalities.

To be enforceable, a land sale contract must satisfy the Statute of Frauds, which generally requires that these contracts be in writing and signed by the parties. Note that this writing is apart from the instrument under which the actual transfer takes place, which is known as the ?deed.?