Posted on: 21st Apr, 2012 05:38 am
WE purchased a property from a woman who was very ill and possibly dying a few years back. The house was in horrible need of repair and it wouldn't pass inspection to qualify for a conventional loan. She really wanted us to buy it so, she decided she would carry the note for us to have it. In this very simple contract we stated she could live here as long as she wants in the studio apartment and pay rent to us for it. she has since moved out!
As it turns out she is mentally ill and we are stuck with a big challenge! Even though our contract states clearly "contract for title" she has decided we have a "contract for deed." We have tried unsuccessfully to get homeowners insurance and NO one will give it to us as we do not hold the "Deed." We can get renters for our belongings only! If this is a Land Contract, then who is responsible for Taxes (we have paid them in her name) and insuring the structure?
We are in Colorado...any help would be so appreciated!
Thank you
As it turns out she is mentally ill and we are stuck with a big challenge! Even though our contract states clearly "contract for title" she has decided we have a "contract for deed." We have tried unsuccessfully to get homeowners insurance and NO one will give it to us as we do not hold the "Deed." We can get renters for our belongings only! If this is a Land Contract, then who is responsible for Taxes (we have paid them in her name) and insuring the structure?
We are in Colorado...any help would be so appreciated!
Thank you
A critical aspect of the agreement is always the section addressing the owner's warranties.
The value of your note is determined by when and how you construct it. When constructing your note, assume you will want to sell it within the first year. If constructed properly and professionally, it will have high value. Professionally means using the services of an experienced Business or Real Estate attorney to construct your Note. Never use one of the simplified Note Forms available anywhere.
Think about it... why do you think Real Estate Lenders use exquisite, complex, complete Loan Documents that are constructed for their own lending criteria?
:idea:
The value of your note is determined by when and how you construct it. When constructing your note, assume you will want to sell it within the first year. If constructed properly and professionally, it will have high value. Professionally means using the services of an experienced Business or Real Estate attorney to construct your Note. Never use one of the simplified Note Forms available anywhere.
Think about it... why do you think Real Estate Lenders use exquisite, complex, complete Loan Documents that are constructed for their own lending criteria?
:idea: