What are the terms for a contract for deed?

Contract for deed is a contract for the sale of land which provides that the buyer will acquire possession of the land immediately and pay the purchase price in installments over a period of time, but the seller will retain legal title until all payments are made.

How does a land contract work in KY?

A Kentucky land contract establishes the terms and conditions of a vacant land purchase agreement between two parties. The terms stipulated on the contract range from financial provisions, such as the agreed-upon purchase price and any monetary contingencies, to the land's legal descriptors as they appear on the deed.

What are the requirements for a valid and enforceable real estate contract in Kentucky?

In Kentucky, a contract for the sale of real property must be in writing to satisfy the Statute of Frauds. Verbal negotiations or verbal contracts are not binding on either party. If you and the other party have agreed upon a price, etc., over the phone and one party changes his or her mind, there is no deal.

How do land contracts work in Kentucky?

A Kentucky land contract establishes the terms and conditions of a vacant land purchase agreement between two parties. The terms stipulated on the contract range from financial provisions, such as the agreed-upon purchase price and any monetary contingencies, to the land's legal descriptors as they appear on the deed.

How does a contract for deed work in Kentucky?

A contract for deed is, as the name implies, a contract that is entered into between a seller of real property and a buyer of real property under which the buyer usually agrees to make a down payment on the property and make monthly payments on the property thereafter for some specified period of time until all of the ...

What are 2 disadvantages of a contract for deed?

If you fall behind on payments, the contract can be terminated and you will lose whatever equity was previously built. Furthermore, if the seller has a mortgage and defaults on their payments, you may lose the property even though your own payments to the seller are current.

How do I sell my house without a realtor in KY?

5 tips for selling your home without a realtor in Kentucky Make minor repairs. Small upgrades and repairs can do a lot to sway potential buyers. ... Price your Kentucky home competitively. ... Stage and market your home. ... Prepare for showings. ... Negotiate for the best possible price.

What is one advantage of a contract for deed?

The contract for deed is a much faster and less costly transaction to execute than a traditional, purchase-money mortgage. In a typical contract for deed, there are no origination fees, formal applications, or high closing and settlement costs.

Get Contract To Sell Form

and ,“Buyer” whether one or more, do hereby covenant, contract and agree as follows: 1. AGREEMENT TO SALE AND PURCHASE: Seller agrees to sell, and Buyer agrees to buy from Seller the property described as follows: (complete adequately to identify property) County, Kentucky. Address: Legal Description (or see attached exhibit): As described in attached Exhibit. Together with the following items, if any: (Strike items to be retained by Seller) curtains and rods, draperies and rods, valances.

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