What is a Bond For Deed? (part 2) A Bond for Deed is a Louisiana Contract to sell property in installment payments, transferring title after the price is paid in full. Payments must be made through an “escrow” agency, who makes monthly payments to the creditor, and issues IRS 1098 interest reports. The escrow agency is responsible for sending all required notices to buyer and seller What the Buyer needs to know: •Buyer can claim homestead exemption while making payments, even though he does not own title, if he lives on the property as his primary residence. •Buyer can claim IRS interest deductions on tax return. •Buyer is responsible for repairs, maintenance, termite inspection, insurance etc. •Insurance coverage must list owner as primary insured and purchaser as “additional insured”. •Title insurance is available. •Bond for Deed is a mechanism used temporarily to bridge gaps while waiting for favorable market values and interest rates. •In the event Seller files bankruptcy, the Buyer is protected by the Bankruptcy code. •Death of the Seller does not affect the validity of the Contract, as the heirs of seller inherit the benefits of the Contract terms. •Mortgages to Buyers qualify as refinances, rather than new purchase loans. Payments made under existing Contracts are treated as mortgage payments Information provided by Sheila Bonnette, Choice Title Inc.
 
Posted by Alanea Champagne on 06/12/2009 01:30 PM   Comments (0)   WHAT IS a BOND for DEED in the ActiveRain Channel  
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WHAT IS A BOND FOR DEED?
06/08/2009
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What is a Bond For Deed? (part 1) A Bond for Deed is a Louisiana Contract to sell property in installment payments, transferring title after the price is paid in full. Payments must be made through an “escrow” agency, who makes monthly payments to… more
It's Time to REFINANCE! Let Us Help
01/14/2009
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With the recent changes in interest rates, you may now be considering a refinance transaction. As a Choice Title Client, you will receive significant discounts on closing fees, since we are able to reuse some of your information from our database… more
FREE INFORMATION
04/10/2008
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Information Packages IT'S YOUR CHOICE!! Whether working with a Realtor or purchasing from a For Sale by Owner, you have the right to choose your title company. Choice Title believes informed clients make the correct choice. FREE INFORMATION… more
 

Alanea Champagne

Destrehan, LA

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Choice Title

Address: #7 Storehouse Lane, Destrehan, La, 70047

Office Phone: (985) 764-0909

Cell Phone: (504) 427-0784

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