A contract for deed is a form of legal document. It is used by people who want to purchase a residence but are not qualified to be given a normal loan. In such a situation, a house buyer can get a home using a contract for deed. With this type of deed, a buyer does not have to buy a house by paying the entire money and getting the original deed immediately. Rather, they can pay the owner of the house or real estate via installment payments. As a result, the deed of the house continues to be in the name of the seller till the buyer completes their payments. When this happens, the deed is then transferred to the new owner. Therefore, a contract for deed can be seen as an interim deed before the actual deed is transferred.
Fields and Terms of Contract for Deed
Within the United States, the terms and fields of any contract for deed vary from state to state. Nonetheless, there are certain fields and terms that each contract for deed must contain. This requirement is put in place to limit fraud. It is also beneficial for the contract to be signed in the local land office of a jurisdiction of a county to prevent problems.
The terms of the document will usually stimulate the following.
- Duration of validity of the deed.
- Penalty for violating terms.
- Other specific laws depend on the jurisdiction.
The fields found on a contract deed are:
- The fields for the names of the buyer and seller.
- The fields for signatures.
- Provision for the date of the transaction.
- The total value of the house.
- Initial down payment made.
- Amount paid and amount owed.
- Address of the building in question.
- The time when payments are due.
Handling of Forfeiture
Unless the buyer can complete their payment, forfeiture can occur when the terms of the contract are violated. In certain cases, a buyer that refuses to make regular payments can not only lose the property but, also lose the money they have paid in the past. Therefore, the buyer must take care to make payment when due.
Fill Out Contract for Deed Form using PDF.co & Zapier
- Make a Zap
- PDF.co App and PDF Filler Trigger Event
- PDF Filler Configuration
- Test Result
- Contract for Deed Output
In this tutorial, we will teach you how to fill out the Contract for Deed form using PDF.co and Zapier. We prepared a sample form below.
Step 1: Make a Zap
Step 2: PDF.co App and PDF Filler Trigger Event
Step 3: PDF Filler Configuration
Now, let’s set up the PDF Filler Configuration to perform the zap.
- In the Source PDF field, input the link of the sample form stored in your drive.
- For the Fillable Fields field, fill out the fillable fields that consist of page index, name field, and the value field. Click the Get PDF Info tool to get the
field name and fill out the fillable name fields.
You can then send now the PDF Filler to PDF.co for the test and review.
Step 4: Test and Result
Excellent! The test result was successfully processed. You can now copy and paste the URL to view the output.
Step 5: Contract for Deed Output
Here is what the Contract for Deed form output looks like.
In this tutorial, you learned how to fill out the Contract for Deed form using PDF.co and Zapier. You also learned the quickest way to get the field name using the Get PDF Info tool and fill out the fillable name field.