Contract for Deed Resolution/ Conversion
A contract for deed is an agreement to buy property. The buyer makes monthly payments directly to the seller. When the final payment is made, the seller transfers the deed to the buyer, who becomes the new owner. There are numerous requirements imposed on the seller which may have severe consequences. There are fewer and fewer contracts for deeds in Texas, but if you have one, it is recommended that you convert the contract for deed into a note and deed of trust.
Craig C. Lesok, PLLC has represented both sellers and buyers. Sometimes it is simply a matter of drafting new loan documents and conveying the property to the buyer. Other times, litigation is required.