We specialize in managing contract for deed transactions.
There is more than one way to finance a home, which means that if you don’t qualify for a conventional loan, you may still be able to become a homeowner by choosing a different approach. At Escrow Funding, we assist buyers and sellers in the Greater New Orleans, Louisiana area with contract for deed agreements, which help buyers to become homeowners in a faster, more accessible manner.
Contract for deed agreements refer to a type of real estate transaction in which the buyer makes payments in installments until the amount is paid in full. Instead of paying a mortgage lender, the buyer makes payments to an escrow agency, which then disburses those payments to the seller. The buyer gains possession of the property and equitable title, or the right to use and benefit from the property, but the deed stays with the seller until the buyer has satisfied the terms of their contract.
Contract for deed agreements benefit both buyers and sellers in different ways. Where buyers are given a faster pathway to homeownership, sellers can widen their pool of potential buyers, earn interest income, and sell properties faster. There are also certain risks that both parties accept by entering into this type of contract. Our team can explain these and ensure everyone is well informed before the agreement is made.
We don’t just oversee the signing of a contract; we administer the agreement over its full term. We will collect and disburse payments, manage taxes and insurance, and communicate promptly with both parties throughout the duration of the contract.
Contact us to learn more about contract for deed agreements and whether this is a good option for you.