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What are the risks of the seller failing to disclose that the property is subject to a pending lawsuit or legal action? How can a title search reveal pending litigation affecting the property?
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what are the disadvantages of a contract for deed Informational
- Why is it important to have well-defined default provisions? What are the risks of the seller attempting to circumvent the foreclosure process by claiming that the buyer is merely a tenant?
- What are the potential consequences of not having adequate insurance coverage?
- Why is it important to pay by check or money order to create a paper trail?
- How does a contract for deed affect the buyer's ability to obtain future credit?
- What are the risks of the property being subject to homeowner's association rules or restrictions?
- What are the potential for misunderstandings or misinterpretations of the contract terms? How can clear and precise language in the contract help prevent future disputes?
- What are the best practices for drafting and executing a contract for deed to minimize risks? What specific clauses should be included to protect both the buyer and the seller?
- What happens if the seller defaults on a contract for deed?
- What are the risks of the buyer making significant investments in landscaping or other improvements that are considered fixtures? What happens to these fixtures if the contract is terminated?
- What are the risks of the seller having multiple liens or mortgages on the property that collectively exceed its value?
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