Products tagged with 'vendors lien'

If you are selling a real estate property in Michigan, you can assist the buyer by carrying part or all of the purchase price with this Contract for Deed (or purchase money mortgage).

• Under the terms of this Contract, the seller effectively becomes the mortgage lender for the balance of the purchase money.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.
• This Contract for Deed form is available in MS Word format and is fully editable to fit your exact circumstances.
• Intended to be used only in the State of Michigan.

Transfer ownership of a real estate property in Texas from a seller to a buyer with this Warranty Deed with Vendor's Lien.

Purpose of Deed

The Warranty Deed gives the seller (the vendor) a lien over the property under a promissory note signed by the buyer and held by the vendor.

Key Provisions

• The seller can assign its vendor's lien to a mortgage lender after the promissory note is paid out of the proceeds of a new mortgage.
• The lender, who holds the promissory note and deed of trust, will retain superior title to the property until the loan is paid by the buyer.
• The form can also be used to place a lien by a third party lender.

Format and Jurisdiction

The form is available in MS Word format and is easy to use. It is governed by Texas law and is intended to be used only in the State of Texas.