We have sold our property/home "for sale by owner" on a balloon contract….?

May 2nd, 2010 | by admin |

We have sold our property ourselves on a short balloon contract, now we don’t know what to do with the contract once it’s signed. Who do we file it with? Registrar of deeds? we wont be turning over the deed until it balloons in October so how will they get insurance? HELP!

u did not state where you were; that often cripples the person answering you.

i do suggest you file it with the R of D; in the US, we have County Recorders and all
documents that we want to have enforced by the court, we file there.

Any person can get insurance on anything as soon as they show they have
an "equitable interest." YOUR contract with the buyer will prove they have that already.

available to guide further

  1. 3 Responses to “We have sold our property/home "for sale by owner" on a balloon contract….?”

  2. By knowitall on May 2, 2010 | Reply

    Contracts are not filed. You need to carry insurance as landlord and pray they do not destroy the place then skip out before October. I hope you did not make a huge mistake doing this, but I assume you know the risk you have taken.
    References :

  3. By kemperk on May 2, 2010 | Reply

    u did not state where you were; that often cripples the person answering you.

    i do suggest you file it with the R of D; in the US, we have County Recorders and all
    documents that we want to have enforced by the court, we file there.

    Any person can get insurance on anything as soon as they show they have
    an "equitable interest." YOUR contract with the buyer will prove they have that already.

    available to guide further
    References :
    RE broker
    kkemper1@mindspring.com

  4. By Doctor Deth on May 2, 2010 | Reply

    that’s why people use real estate agents – because THEY know what to do

    didn’t you at least hire a real estate lawyer to help you with the sale? if no, how do you even know you didn’t make half a dozen major mistakes that could cost you tons of money?

    it’s the buyer’s problem to get insurance
    go to county courthouse to ask about deed
    References :

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