On behalf of Lang Law Office posted in Commercial Real Estate on Friday, June 02, 2017.
A contract for deed might help you if you’re unable to qualify for a traditional bank loan to buy your commercial real estate property. It can also help you if you’re looking to receive financing quicker.
At the Lang Law Office, we help our clients with the legal aspects of their financing deals. We ensure that they are fairly treated in their mortgages to purchase commercial real estate, and we also advise on contracts for deeds in cases where such an agreement could be beneficial for our client.
With a contract for deed, you will agree to make scheduled payments to the party selling you the property. You might, for example, put a certain amount of money forward as a down payment and use a contract for deed to codify your plan for paying the rest of the money owed. You will receive the legal title for the property; however, if you default on the payment or violate the terms of the contract for deed, you may lose your right of ownership. In case of default, the seller can repossess your property.
Contracts for deed are typically negotiated by real estate lawyers representing the parties in the matter. It’s important to have legal representation in these cases to ensure that you are being fairly treated in the contract for deed, and that the contract for deed is a legally viable document that will hold up in court should any disagreements arise.
At the Lang Law Office, our attorneys have negotiated numerous contracts for deed. We are available to speak with Minnesota residents to assist in all their commercial real estate law needs.