Legal Question in Real Estate Law in California

contract for deed (or sale)

I am interested in learning about ''contract for Deed (or sale)'' Are they still used in California and how do they work?I have an unusual property and want to sell it to someone that I have had some dealing with in the past.The person cannot qualify for a conventional loan at the moment but will be in a better position in four years.This person wants to buy now but I need to keep the mortgages in my name and paid until they can sell another property and get a sizible down-payment.The purchaser bought another property from me some years ago and we were very happy with the situation.This is a little different ,as I am now retired and not in the same financial position that I was when we did the previous trans-action.I would like this particular buyer to have the property and it would be a reasonable deal for both of us.So we heard of this type of transaction ''Contract for Deed (or sale)'' and think it would work BUT I know nothing about how it is structured or wether it is a legal deal in California.Please reply as soon as possible.Thank you,Lucy


Asked on 5/30/04, 5:17 am

1 Answer from Attorneys
Christopher M. Brainard, Esq. C. M. Brainard & Associates - (310) 266-4115

Re: contract for deed (or sale)

A contract defining your relations. You should hire an attorney to draft the agreement per your needs and specifications.

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Answered on 5/30/04, 6:03 pm


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