Buying on Contract for Deed

[David Furst]

Hello everyone, I am relatively new to real estate investing and have 3 SF rentals currently in the St. Louis metro area. My question is actually regarding my primary residence. There is a house offered on a Contract for Deed in the area that I would like to move into. I have a traditional mortgage on my primary residence and was thinking of renting that out and moving into the house that is contract for deed. I am concerned about not having the deed in my name while living in the home. What happens if there are issues when the contract is fulfilled? Makes me a bit nervous, has anyone done anything like this before with success?

Thanks all!

[Cameron Skinner]

A lot of risk for the buyer in a contract for deed, the seller still has legal title to the property if they get a judgement againts them, tax lien ect it attaches to the property.  Even well meaning good people might run over someone in there car and end up with a 4 million dollar judgement.

Hope this helps good luck