Should I Sell Our Residential Property With a Real Estate Contract or a Warranty Deed and Promissory Note?

The main question I ask my clients who are selling and finanacing a real estate sale is: “If the buyer defaults would you rather get the property back so you can resell it or have to try to sell the property at a public auction?”

The typical remedy for breach of a real estate contract is to take the property back (a forfeiture), while the remedy under a deed of trust is to hold a pubic auction (foreclosure sale). It is also cheaper to foreclose a real esate contract than a deed of trust.

Attorney at Law
Blado Kiger Bolan, Tacoma, Wash.

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