Q: Is it customary for a Buyer to sign a Warranty Deed to the Seller for a property purchase?
I'm in the process of buying a land plot. And the Seller is requesting that I sign a Warranty Deed to him in the event of a default. But the Warranty Deed doesn't include any language about it only being valid in the event of a default. Should the Real Estate Agreement, which specifies the terms of a default be enough?
A: No, don't sign the warranty deed. And the agreement probably is not adequate either. A mortgage note secured by a mortgage is the proper way of doing this. You need to consult with an attorney.
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