Property Sales Agreement (Type 1)
Ideal for cash buyers, this agreement streamlines the property transfer process. Upon signing, it triggers the issuance of a quitclaim deed. The buyer can then take this deed to the city clerk's office to record the transfer of the property into their name. For a detailed overview, please review the Property Sales Agreement Template
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Contract for Deed (Type 2)
Ideal for cash buyers, this agreement streamlines the property transfer process. Upon signing, it triggers the issuance of a quitclaim deed. The buyer can then take this deed to the city clerk's office to record the transfer of the property into their name. For a detailed overview, please review the Property Sales Agreement Template
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Quitclaim Deed Process
Central to both contract types is the quitclaim deed, which legally transfers the property title to the buyer.
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In the Property Sales Agreement (Type 1), the quitclaim deed is provided immediately after signing the agreement and completing the down payment, facilitating a swift ownership transfer.
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In the Contract for Deed (Type 2), the quitclaim deed is handed over once the payment plan is fully fulfilled. Notably, buyers enjoy immediate access to the property right after the initial contract signing and down payment.
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For a complete understanding of this crucial document, please review the Quitclaim Deed Template. The deed is essential for the official transfer of the property into your name, regardless of the chosen contract type.
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