Legal Question in Real Estate Law in Texas

contract for deed

Can you sell a house to someone that you owe a mortgage on and carry a contract for deed, as long as the person is aware of it and she still agrees to sign the contract


Asked on 3/02/03, 11:20 pm

1 Answer from Attorneys
Basil Hoyl Law office of Basil Hoyl

Re: contract for deed

Contracts for deed and wraparound transactions are the normal methods of doing this. If there is a "due on sale or transfer" clause in your mortgage, the mortgage holder may call the entire note due and foreclose. If Texas Veteran's Land Board financing was used, very bad things can happen from an attempt to use one of these methods.

http://www.reasonable-doubt.com

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Answered on 3/03/03, 1:05 pm


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