Contract for Deed (Land Contract) - New Hampshire

A Contract for Deed, also known as a Land Contract, is a legal agreement used in New Hampshire (and other states) for the sale of real estate. It allows the buyer to make payments directly to the seller over time, rather than obtaining a traditional mortgage from a bank. The seller retains legal title to the property until the buyer completes all payments. This type of agreement can be helpful for buyers who may have difficulty qualifying for a traditional mortgage.

In New Hampshire, the buyer typically files the Contract for Deed (Land Contract).

FAQ

Q: What is a Contract for Deed?A: A Contract for Deed, also known as a Land Contract, is a legal agreement between a buyer and a seller for the sale of property.

Q: How does a Contract for Deed work?A: In a Contract for Deed, the buyer agrees to make regular payments directly to the seller, instead of obtaining a traditional mortgage from a bank.

Q: Is a Contract for Deed common in New Hampshire?A: Yes, Contract for Deed arrangements are fairly common in New Hampshire for the purchase of real estate.

Q: What are the advantages of a Contract for Deed?A: Some advantages include more flexible financing options, a simpler closing process, and the ability to purchase property without a traditional mortgage.

Q: What are the risks of a Contract for Deed?A: Some risks include the possibility of default and losing the property, potential issues with property title, and limited legal protections compared to traditional mortgages.