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Old 06-02-2009, 04:01 PM   #1 (permalink)
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Question What does this mean ?

Can someone tell me what this means ? It is a contract for deed. (Texas)

SALE OF PROPERTY

For and in consideration of TEN DOLLARS ($10.00) and other good and valuable considerations the receipt and sufficiency of which is hereby acknowledged, Seller does hereby agree to convey, sell, assign, transfer and set over unto Purchaser, the following property situated in _____________________ County, State of Texas, said property being described as follows: (Type description or attach description as exhibit "A")

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Old 06-02-2009, 04:20 PM   #2 (permalink)
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Not sure what you are asking.

What you quoted is the format used when family members customarily deed property to one another for a nominal sum, such as ten dollars.
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Old 06-02-2009, 04:51 PM   #3 (permalink)
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Question

Im asking if the "ten dollars" should be what the buyer is paying for downpayment. Here is a little more of the contract.

CONTRACT FOR DEED

THIS DAY this agreement is entered into by and between __________________________________________________ _________, hereinafter referred to as "SELLER", whether one or more, and _______________________________________, hereinafter referred to as "PURCHASER", whether one or more, on the terms and conditions and for the purposes hereinafter set forth:
1.
SALE OF PROPERTY

For and in consideration of TEN DOLLARS ($10.00) and other good and valuable considerations the receipt and sufficiency of which is hereby acknowledged, Seller does hereby agree to convey, sell, assign, transfer and set over unto Purchaser, the following property situated in _____________________ County, State of Texas, said property being described as follows: (Type description or attach description as exhibit "A")
__________________________________________________ __________________________________________________ __________________________________________________ __________________________________________________ __________________________________________________ __________________________________________________ __________________________________________________ __________________________________________________ __________________________________________________ __________________________________________________ __________________________________________________ ___________________________________
Together with all rights of ownership associated with the property, including, but not limited to, all easements and rights benefiting the premises, whether or not such easements and rights are of record, and all tenements, hereditaments, improvements and appurtenances, including all lighting fixtures, plumbing fixtures, shades, venetian blinds, curtain rods, storm windows, storm doors, screens, awnings, if any, and __________________________________________________ ______
now on the premises.
SUBJECT TO all recorded easements, rights-of-way, conditions, encumbrances and limitations and to all applicable building and use restrictions, zoning laws and ordinances, if any, affecting the property.
2.
PURCHASE PRICE AND TERMS

The purchase price of the property shall be $__________________________. The purchaser does hereby agree to pay to the order of the Seller the sum of _________________________ Dollars ($__________________) upon execution of this agreement, with the balance of $__________________ being due and payable as followsSelect one)

____ (a) Balance payable in __________ (_______) monthly installments of ______________ Dollars ($_________) each, with the first installment being due and payable on the _______ day of _______________, 20___ and a like payment on the first day of each month thereafter until the ______ day of __________________, 20____, when the final payment shall be due. No interest.
_____ (b) Balance payable, together with interest on the whole sum that shall be from time to time unpaid at the rate of _______ per cent, per annum, payable in the amount of $_____________________ dollars per month beginning on the _______ day of _______________, 20____ and continuing on the same day of each month thereafter until fully paid.
_____ (c) Balance payable, together with interest on the whole sum that shall be from time to time unpaid at the rate of _______ per cent, per annum, payable in the amount of _____________________ dollars per month beginning on the ________ day of _______________, 20____, and continuing on the same day of each month thereafter until the ______ day of ______________, 20____, when all remaining principal and interest shall be paid. (Balloon payment)
If interest is charged, interest shall be computed monthly and deducted from payment and the balance of payment shall be applied on principal.
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Old 06-02-2009, 05:46 PM   #4 (permalink)
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Land contract - Wikipedia, the free encyclopedia

Where I live this is called a bond for title---a basic seller financing arrangement.

I do not know why it only says for ten dollars----that isn't the downpayment amount because the wording says for that amount (ten dollars) the property is CONVEYED, etc.

What does the contract say for the "amount" down below in the other points you related?
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