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Washington General Notice of Default for Contract for Deed

Notice Default Deed

Name: Washington General Notice of Default for Contract for Deed
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.83 (221 reviews)

Category:

Washington Real Estate - Contract for Deed - Notices

State:

Washington

Control #:

WA-00470-16

Format:

Instant download

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Description

This is a general notice of default that can be used by the Seller to notify the Purchaser of being in default. This form allows the Seller to notify the Purchaser of the reason why the contract for deed is in default, the performance required to cure the default, and the Seller's planned remedy in case the Purchaser does not cure.

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How to fill out Washington General Notice Of Default For Contract For Deed?

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FAQ

A disadvantage to the seller is that a contract for deed is frequently characterized by a low down payment and the purchase price is paid in installments instead of one lump sum.The legal fees and time frame for this process will be more extensive than a standard Power of Sale foreclosure.

Contrary to normal expectations, the Deed DOES NOT have to be recorded to be effective or to show delivery, and because of that, the Deed DOES NOT have to be signed in front of a Notary Public. However, if you plan to record it, then it does have to be notarized as that is a County Recorder requirement.

The buyer should record the contract for deed with the county recorder where the land is located and does so normally within four months after the contract is signed, though the time may vary depending on state law.

This means that if you default and can?t make your payments, you lose the property and all of the money you have already paid into it (often including repairs and improvements). Unlike a traditional mortgage, a defaulting buyer in a contact for deed may only have 30-60 days to cure the default or move out.

A contract for deed, also called a land contract or contract for sale, is a financing option for buyers who do not qualify for a mortgage loan to purchase property. In a contract for deed, the seller finances the purchase of the property, much like a mortgage company in a more traditional mortgage situation.

Generally, the seller will look for a down payment anywhere from 10% to 20% of the purchase price. The interest on a contract for deed could be anywhere from 1% to 2.5% higher than the current market rate.

Failure to record a deed effectively makes it impossible for the public to know about the transfer of a property. That means the legal owner of the property appears to be someone other than the buyer, a situation that can generate serious ramifications.

In the first instance, if your deed is not recorded, there is nothing in the public record to stop the seller from conveying the property to another person.The second situation could happen if your seller fails to pay his or her debts and the seller's creditors file liens or judgments against your property.

Usually the contract requires the buyer to make payments over time with interest payable on the unpaid balance. Once a buyer pays all of the payments called for under the contract, the owner transfers to the buyer a deed to the property.

Notice Default Deed

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FAQ

What are the disadvantages of a contract for a deed?

Does a contract for deed have to be recorded?

How long does the buyer have to record the contract for deed?

What happens if you default on a contract for deed?

What is the difference between a contract for deed and a land contract?

What is a typical down payment on a contract for deed?

What happens if a deed is not recorded?

What happens if a seller fails to record the contract for deed?

Does a contract for deed transfer ownership?

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Notice Default Deed

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