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The contract for deed is an executory contract for the sale of real estate. t3 Typically the buyer makes an initial payment towards the purchase price 14 and enters into possession of the property. '" While in possession, he pays monthly installments of principal and interest.

In a contract for deed, the purchase of property is financed by the seller rather than a third-party lender such as a commercial bank or credit union. The arrangement can benefit buyers and sellers by extending credit to homebuyers who would not otherwise qualify for a loan.

Other advantages include: no appraisal required, wider range of buyers, possible profit on financing, and quicker settlement. The biggest disadvantage of a contract for deed for a seller is that the property won?t be out of your name for many years. This quite possibly won?t suit your investment strategy.

An addendum is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement.

An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document. For example, a contract to manufacture widgets may have an addendum listing the specifications for said widgets.

Key Elements of an Addendum A proper addendum should include: A clear identification of the original contract and parties. This includes the date of the agreement and names of the parties involved. An introduction stating that the purpose of the addendum is to amend or modify the original contract.