Seller Financing and Holding Recording Deed for the Duration
My broker tells me if two parties agree contractually that the seller will hold onto and not record the deed on a seller-financed deal that, no, the buyer cannot later compel me to record the deed. My deal is to offer a house seller-financed until the balloon is due in 5 years at which point, I either give the deed to title to record upon final payment or we're all done and they move on or renew - push the balloon out further - for a fee (non-applicable to the principal), on a 30 year fully amortized loan.
Another question is what if anything, do I have to do if and when they wish to cancel the contract and move out (and stop paying). I never recorded the deed so it's not a foreclosure, so I'm guessing we each pick up our own respective marbles and go our own way?
And what if he simply stops paying? I don't have a lease to show to begin eviction. So I can only go through foreclosure - when he's not on the deed to begin with?