Doug, I understand why you would like the Deed BEFORE the seller passes away (and so would I) but in any Contract for Deeds I prepare and like about any Ive reviewed (and can even be as a matter of common law regardless), its binding on the SUCCESSORS HEIRS AND ASSIGNS so you dont necessarily have to do anything right away even, dont get me wrong, its still good if you did.
Perhaps in another year your own and/or the mortgage availability might improve BUT WHO KNOWS???
Its also important what the Contract says about the balloon payment and what if you cant complete the deal ?? On ones I prepare I make that a plain old default and then the default provisions in the contract rule SUBJECT TO your states common law restrictions/provisions i.e. not everything in a contract may be enforceable as a matter of law.
In years past we used to do a lot of Contract for Deed sales but they have fallen out of favor and it makes a HUGE difference in ones I prepare depending on if Im working for the Seller or Buyer. My more recent ones (if I rep the Buyer) we either use Escrow agreements or the Seller delivers a deed but takes back a first mortgage. If I rep the seller its contract for deed and Id prefer the contract isnt even recorded.
So shop around,,,,,do your homework,,,,,,,and consult local trained professional attorneys if you have legal questions versus lay opinions, theres just too much at stake here,,,,,
Like you I would prefer to have a Deed and mortgage versus a contractual promise (maybe now from an heir) that you will get a Deed once all is paid!!!!!
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