An an attorney, when preparing the legal documents for a seller financed sale and am representing the BUYER, I might suggest the seller to give my client a warranty deed and take back a promissory note secured by a Mortgage (I prepare) with payments held in escrow at a local bank pursuant to an escrow agreement I also prepare. HOWEVER If I'm representing the SELLER I might suggest a NON recorded "Conditional Land Sale Contract" and the Contract states if and when the purchase price is paid in full a warranty deed will be delivered. I also throw in some default and reposession language (as the law permits) if the Buyer fails to pay and liquidated damages etc etc buttttttt state law has done away with some of the more harsh terms as public policy and once a certain amount of equity has been earned the Seller has to foreclose just like a bank would....WHATEVER HAPPENED TO THE COMMON LAW DOCTRINE OF FREEDOM OF CONTRACT LOL
PLUS there are all sorts of other ways to approach this......
Hopefully from my and co counsel Mikes comments and others, you will come to realize THIS QUESTION SHOULD BE ANSWERED BY A LOCAL PROFESSIONAL REAL ESTATE ATTORNEY AND NOTTTTTTTTT BASED ON LAY OR EVEN PROFESSIONAL ADVICE OFFERED HERE!!! Theres too much at stake and too great are the risks to base a decision on non professional advice, especially absent a thorough research of your states laws..
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