Bakersfield California Contract for Deed Package

State:
California
City:
Bakersfield
Control #:
CA-P023-PKG
Format:
Word; 
Rich Text
Instant download

Description

This package contains essential legal documents that are used for owner financing of real estate by using a Contract for Deed. The documents in this package are State Specific and include the following:


This package contains the following forms:


1.) A Contract for Deed;


2.) Assignment of Contract for Deed by Seller;


3.) Notice of Assignment of Contract for Deed;


4.) Seller's Disclosure of Financing Terms;


5.) Seller's Annual Accounting;


6.) Notice of Default for Past Due Payments;


7.) Final Notice of Default for Past Due Payments;


8.) Notice of Intent to Enforce Forfeiture Proceedings;


9.) Final Notice of Intent to Enforce Forfeiture Proceeding and Request to Vacate;


10.) General Notice of Default; and


11.) Seller's Disclosure of Forfeiture Rights


Purchase this package and save up to 70% over purchasing the forms separately!

The Bakersfield California Contract for Deed Package is a comprehensive and legally binding set of documents specifically designed for individuals or businesses interested in buying or selling property in Bakersfield, California using the contract for deed method. This package includes all the necessary forms, agreements, and disclosures required to facilitate a successful contract for deed transaction in Bakersfield. A contract for deed, also known as a land contract or installment sale agreement, is a financing option that allows buyers to purchase a property directly from the seller without the involvement of a traditional lender. The buyer makes regular installment payments to the seller over an agreed-upon period until the full purchase price is paid off. Once the payment is completed, the seller transfers the property's legal title to the buyer. This arrangement makes contract for deed transactions an attractive option for individuals who may not qualify for conventional financing or prefer a more flexible arrangement. There are different types of Bakersfield California Contract for Deed Packages available to cater to various scenarios and needs. These packages include: 1. Residential Contract for Deed Package: This package is specifically tailored for residential real estate transactions. It includes all the necessary forms and agreements to facilitate the sale of a house, condominium, or townhouse using the contract for deed method. 2. Commercial Contract for Deed Package: Designed for commercial property transactions, this package includes specialized documents and agreements relevant to commercial real estate sales using a contract for deed. It caters to buyers and sellers involved in the purchase or sale of retail spaces, office buildings, warehouses, or industrial properties. 3. Vacant Land Contract for Deed Package: This package is ideal for buyers and sellers interested in transacting undeveloped or vacant land using a contract for deed. It includes specific agreements and disclosures tailored to address the unique considerations associated with land purchases. 4. Customizable Contract for Deed Package: This versatile package allows buyers and sellers to customize their contract for deed transaction based on their specific requirements and preferences. It includes a range of optional forms and additional addendums that can be included in the package to suit the unique needs of each party involved. All Bakersfield California Contract for Deed Packages are drafted in compliance with the legal requirements and regulations of the state of California, ensuring a secure and legally enforceable transaction. It is always advisable to consult with a real estate attorney or professional before proceeding with any contract for deed transaction to understand the legal implications and protect your rights.

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DEEDS IN GENERAL It must be in writing; 2. The parties must be properly described; 3. The parties must be competent to convey and capable of receiving the grant of the property; 4. The property conveyed must be described so as to distinguish it from other parcels of real property.; 5.

Documentary Transfer Tax is levied upon each sale or transfer of real property exceeding $100.00 (exclusive of the value of any lien or encumbrance remaining thereon at the time of sale) at the rate of 55¢ per $500.00 or fractional part thereof.

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.

In a contract for deed sale, the buyer agrees to pay the purchase price of the property in monthly installments. The buyer immediately takes possession of the property, often paying little or nothing down, while the seller retains the legal title to the property until the contract is fulfilled.

Recorded in the public record, contracts for deed are legally enforceable. Many sellers prefer to keep the contract details between themselves and buyers private. Benefits for buyer and seller. Contracts for deed can help both buyers who need a home but have poor credit and sellers in difficult lending situations.

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. If a seller needs funds from the sale to buy another property, this would not be a beneficial method of selling real estate.

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.

The land contract purchaser takes possession of the real estate and agrees to make installment payments of principal and interest, typically on a monthly basis, until the contract is paid in full or balloons. During the term of the contract, the purchaser has ?equitable title? to the property.

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Bakersfield California Contract for Deed Package