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Partial Payment Certificate Mortgage or Contract by Corporation UCBC Form 62 M Minnesota

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Partial Payment Certificate Mortgage or Contract by Corporation UCBC Form 62 M Minnesota

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hey friends this is Keith Ellison Minnesota attorney general your people's lawyer and welcome back to scam [Music] stopper you know today I want to talk about contract for deed contract for deed what is it it is a contract that the buyer pay the seller a certain amount over a course of time to buy the house here's the thing with a mortgage if the buyer Falls behind on the mortgage there's a whole set of laws that can protect that buyer from foreclosure from losing the house on the other hand with contract for deed if the buyer fail falls behind or defaults or can't pay one month or something then the seller can cancel the contract keep the house get it back and keep every payment the buyer made up till then and on top of that contracts for deed tend to last between three and 10 years which is generally shorter than a mortgage and often have a large balloon payment at the end when the buyer can't make that large payment the seller can cancel the c

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