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Can I legally buy a free and clear home for cash with 1/2 down and the other 1/2 on a promise to pay and receive the clear deed as if it were the sale for full price, if the owner agrees? If so what type of contract (document) would you recommend. For the other 1/2 to be paid on monthly installments.In Michigan. Owner very desperate the county has threaten demo soon if he don't sale or fix up property. If he decides to fix the property it must be done in six months. Not a option for owner
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You will need to have a lawyer structure the purchase Agreement for the property.
The Seller can be contractually bound to tender the deed or the deed can be held in escrow until payment is completed.
Answered on Oct 04th, 2023 at 4:39 PM