Since there are still those who are having trouble understanding
that we do in fact have homeowners living here who are a part of the
community, without their names being on the Assessors site. (This
information has been verified with Tulsa County.)
A land contract (sometimes
known as a “contract for deed” or an “installment sale agreement”)
is a contract between a seller and buyer of real property in which the seller
provides financing to buy the property for an agreed-upon purchase price and
the buyer repays the loan in installments. In other words, in a contract for deed, the purchase
of property is financed by the seller rather than a third-party lender such as
a commercial bank or credit union. Under a land contract, the seller retains
the legal title to the property, while permitting the buyer to take possession
of it.
Additionally, one may have a deed signed and notarized conveying real property but for some reason has not been filed. Thus, it will not show up on the Assessors site but that does not keep it from being legal. The county does encourage people to file them in order to get Homestead exemption but they cannot force it to be done as they have nothing to do with arrangements between the buyer and seller.
No comments:
Post a Comment