If a seller were to refinance his home and take some of the equity, the proceeds from that refi going as cash to the seller are tax-deferred or tax free?
A contract for deed is a contract between a seller and buyer which states that the buyer will make payments to the seller for a period of time until all payments are made and then the seller will sign a deed to the buyer conveying legal title. Most of the time this contract is not recorded and If the buyer defaults the seller will only have to evict.
True seller financing is when the seller will allow the buyer to give him a promissary note secured by a mortgage and immedietly
signs the deed over to you giving the buyer true legal title. I if the buyer defaults you will have to foreclose.
Yes tax free. Its debt not profit. At least to the IRS
A contract for deed is a contract between a seller and buyer which states that the buyer will make payments to the seller for a period of time until all payments are made and then the seller will sign a deed to the buyer conveying legal title. Most of the time this contract is not recorded and If the buyer defaults the seller will only have to evict.
True seller financing is when the seller will allow the buyer to give him a promissary note secured by a mortgage and immedietly
signs the deed over to you giving the buyer true legal title. I if the buyer defaults you will have to foreclose.