Understading a Deed for Contract
Some people know that a deed for contract will be there everytime there is a real estate transaction, but most do not know why. Here is a an example – Someone buys a house 15 years ago and never pays their real estate taxes. Because when they purchased the home, there was a contract stating that the deed was in their name, the municipality can then go and place on a lien on that house in order to recover the taxes they did not pay. This could only be done because there was a contract out there stating who owned the house.
