Pennsylvania Contract for Deed

We now feature Pennsylvania Deeds and Contracts available in three formats. Each of these forms comes with instructions, ready for immediate download and Attorney Prepared.

This form can be used in Pennsylvania.

A [tag-ice]Contract for Deed[/tag-ice] is sometimes also know as a Land Contract, Agreement for Deed, Contract Sale or Real Estate Installment Agreement. This type of Document allows the Seller to retain the title to the property and agree to transfer the title to the Buyer once all the payments under the Agreement are made and all other obligations are met. In essence, the Seller finances the purchase and holds the title or deed as security. When the Buyer completes the required payments, the Seller must deliver valid legal title by way of a deed. During the period of the contract, the Buyer makes installment payments on the purchase price and is entitled to possession and equitable title to the property. The Seller holds legal title and continues to be liable for payment of any underlying mortgage.

This package contains (1) Instructions and Checklist for Contract for Deed; (2) Information about Contract for Deed; (3) Contract for Deed; (4) Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards.

Pennsylvania Contract for Deed
Pennsylvania Contract for Deed
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More information about the uses of this form are as follows:

A [tag-tec]Contract for Deed[/tag-tec] is sometimes also know as a [tag-tec]Land Contract[/tag-tec], [tag-tec]Agreement for Deed[/tag-tec], [tag-tec]Contract Sale[/tag-tec] or [tag-tec]Real Estate Installment Agreement[/tag-tec]. This type of Document allows the Seller to retain the title to the property and agree to transfer the title to the Buyer once all the payments under the Agreement are made and all other obligations are met. In essence, the Seller finances the purchase and holds the title or deed as security. When the Buyer completes the required payments, the Seller must deliver valid legal title by way of a deed. During the period of the contract, the Buyer makes installment payments on the purchase price and is entitled to possession and equitable title to the property. The Seller holds legal title and continues to be liable for payment of any underlying mortgage.

This type of Agreement is useful in situations where the Buyer can’t easily obtain financing from other sources or other financing may not be even available to Buyer.

Generally, the closing costs associated with this type of transaction are usually lower than transactions involving mortgages, banks or other institutional type lenders. A Contract for Deed also allows Seller to gain interest income from the outstanding balance.

This Contract for Deed contains an AS-IS clause regarding the property. You can also choose between different payment methods i.e. with interest, with no interest, balloon payment etc…

The law in some states require a seller to make additional written disclosures, including disclosures about the condition of the house and any known problems. Check with a real estate agent or attorney in your area to determine what additional disclosures, if any, are required in your state. In some of these states, a seller may still be required to make the disclosure, even if the property is sold “as is” If not required by law, a Buyer may still request the disclosures and try to make them part of the contract.. To find out if your state has any mandatory disclosure laws, you can check with a local real estate broker or attorney, or call your state’s attorney general’s office. Most states with mandatory disclosure laws have created state approved forms that can be used to make the disclosure.

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