entering into a deed with third party in OK, real estate purchase and sale agreement

Durant, OK Viewed 144 times. Posted about 1 year ago in Real Estate

contract for deed: My sister is about to sign a contract for deed for a house. The seller is one person and other people(husband and wife) own the warranty deed for the property. The seller still owes money on the property to these people. How do we know if she pays it off in 13 years that the seller will pay off his loan and be able to surrender the title to my sister? - Is this your question? Add additional information

Answers (1)

David Luther Woodward

This attorney is licensed in Florida and 1 other state. Posted about 1 year ago.

You have recognized the problem involved in "wrapping" contracts for deed. There are ways to protect yourself, and a lawyer is best able to do this. One way is that the wrap contract require your sister to pay the first contract price to the fee simple owners and the rest to her seller until the original obligation is paid in full, at which time a deed will be given from husband and wife to the seller. When your sister completes her payments, then her seller can give her a deed.

You don't want this written up on the kitchen table. This amounts to "Pay me now, or pay me later" as far as a lawyer is concerned. Take a look at the link below and see if you can find someone in Durant or that area to check this transaction out for your.

Good Luck!

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