Question about LAND contract (contract for DEED)
Hello,
I have a buyer who is interested to purchase a home from me with contract for deed. We would consider Land contract . My question about contract. Is it recorded or only memorandum recorded?
Please advise
Tatyana
By law the land installment contract itself is supposed to be recorded in the Land Records within 15 days of execution. If the seller fails to record the purchaser can cancel and receive a refund of all payments. The Maryland code sections you'll want to review are found in the Real Property article, title 10, subtitle 1. Good luck.
Tom, Can you help with contract and recordation?
@Tatyana Baytler
What state? If it’s Maryland it must be recorded (if not check the crazy law where the borrower can request all their money back and walk from the deal- even five years later).
Having owned 100’s of land contracts - they are often used in the wrong instance
In Maryland, I would never recommend somebody do a Land Contract. You are better off selling via a traditional deed of trust and note.
There are no benefits to a land contract in Maryland and only cons.
@Chris Seveney, thank you. We have sold it traditionally