Why should each party have their own independent legal counsel? What are the risks of the buyer being responsible for pre-existing liens or encumbrances on the property?
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what are the disadvantages of a contract for deed Informational
- What are the risks of the seller taking advantage of ambiguities or loopholes in the contract language?
- What are the potential consequences for the buyer if the seller violates such restrictions?
- What are the risks of the property being subject to homeowner's association rules or restrictions?
- What are the risks of the buyer being unaware of their rights and obligations regarding repairs and maintenance? How can the contract clearly define who is responsible for different types of repairs and maintenance?
- How can the contract specify procedures for payment and communication?
- What are the risks of the seller using a straw buyer to conceal their identity or avoid legal obligations? How can buyers protect themselves from dealing with straw buyers?
- How difficult is it for a buyer to refinance a property under a contract for deed?
- What are the different perspectives and arguments of stakeholders involved in these transactions?
- What are the risks of the seller demanding payment for items or repairs that are their responsibility under the contract or local laws?
- What are the risks of the seller taking advantage of a buyer's lack of experience or financial vulnerability? How can consumer protection laws safeguard vulnerable individuals?
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