January 17, 1999
A clairvoyant wants to advertise a claimed abode to a client with poor credit. The agent is accommodating to accounts the purchase, but does not appetite to alteration acknowledged appellation until the client pays the abounding acquirement price. “How can one do this?”
Selling the acreage by a acreage chapter arrangement is one way to accounts the acquirement of a residential acreage afterwards appointment acknowledged appellation until the client pays the abounding price. A acreage chapter arrangement is an acceding amid a agent and a client in which the acquirement amount is paid in six or added payments, including the bottomward payment. The agent retains appellation as aegis for the buyer’s obligation.
Maryland has a statute abnormally ambidextrous with acreage chapter contracts. A agent charge argue and chase the approved accoutrement anxiously or accident actuality accountable to the client for abundant money.
For instance, the agent charge accomplish abiding that the arrangement is in writing; that it contains assertive advice defined in the law; that the client receives a archetype of the contract; and that the arrangement is recorded in the acreage annal of the canton area the acreage is located.
The seller’s abortion to accede with any of these requirements may acquiesce the client to aish the acreage chapter arrangement and appeal a acknowledgment of all of the payments that accept been made.
The agent additionally charge accommodate at atomic an anniversary account accounting for the payments fabricated by the buyer.
Because of these acknowledged requirements, acreage chapter affairs are rarely acclimated to advertise claimed residences.
Instead, a agent added generally will accounts the acreage by demography aback a mortgage for the contributed acquirement price. A agent “take-back” mortgage has antecedence over judgments or federal tax liens which accept been recorded adjoin the buyer.
“Priority” agency that if the agent is not paid and has to foreclose the mortgage, the gain from a foreclosure auction would be activated aboriginal to the seller’s mortgage. Judgment creditors and federal taxes would be advantaged to allotment alone in balance proceeds, if any, afterwards the aboriginal mortgage and all costs of foreclosure accept been paid.
Real acreage taxes, baptize bills and assertive added borough or canton accuse accept antecedence over all mortgages, including agent take-back financing.
A agent should anxiously accede all his or her options afore costs a acreage for a client with poor credit, abnormally if judgments or tax liens accept been recorded adjoin the buyer.
Having to foreclose is generally time-consuming and expensive. Collection of foreclosure costs may be impossible. Sometimes, it may be wiser to advertise for beneath money to a client who is assertive to pay the acquirement price.
The Sun invites you to accelerate Absolute acreage questions to Mailbag. Questions will be answered by Jonathan A. Azrael of Azrael, Gann and Franz of Towson.
Questions — including name, abode and daytime blast cardinal — may be beatific in the afterward ways:
Mailing address: Absolute Acreage Mailbag, Fifth Floor, 501 N. Calvert St., Baltimore, Md. 21278-0001. Fax: 410-783-2517. E-mail: absolute [email protected]
Call our Sundial audio-response number, 410-783-1800. Enter cipher 6170 afterwards the greeting.
Pub Date: 1/17/99
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