Bond For Deeds
What Is A Bond For Deed?
A Bond for Deed, is an agreement to purchase under which the purchase price is paid in installments, and title is transferred to the purchaser once the obligation has been satisfied. The purchaser is considered the owner for income tax purposes, and assumes the responsibility for property taxes, insurance, and property maintenance.
Bond for Deed is sometimes referred to as contract for deed. In the agreed upon contract, it specifies that the title will be transferred from the seller to the buyer after full payment is made.
Bond For Deed contracts are excellent alternatives to traditional mortgages. Whether you do not qualify because of your current income, credit standing etc., bond for deeds provide you with an alternative method to still be able to close on the home of your dreams for you and your family.
Escrow Services
At Escrow Funding, we also offer escrow services to protect the seller and buyer. We keep both parties best interest at heart, and also help to guide you to make the best decisions, and answer any and all questions you may have. We serve as an impartial third party in escrow to ensure the proceedings go smoothly for both parties.
Benefits Of Bond For Deed For Sellers
- Get more than your asking price! Even without an appraisal!
- Peace of mind that your buyers are motivated and will not back out
- You no longer need to pay for property maintenance
- You no longer pay the property taxes and insurances.
Benefits Of Bond For Deed For Buyers
- Avoid exhausting and difficult conventional mortgage loan process
- No stringent requirements like a traditional mortgage loan
- Great option if you are single, self-employed or trying to re-establish credit
- Perfect or high credit score not required
- No traditional 10-20% down payments. Can negotiate this with seller.