I just run across this yesterday.
I had not heard of this in many years.
The FSBO sells his home on a contract for deed.
The seller looks at it and the price and terms are great for Him (her).
The seller does not use an atty or any other Professional.
After one year, the seller is informed that closing will happen in a week.
The contract has been paid in full.
What the seller did not see, buried in the contract is a statement...
After buyer has made 12 payments on time the contract will be considered paid in full.
Now what?! The seller called me right away. I told him there is nothing I can do NOW!
I gave him the name of a Real Estate Attorney that I use.
I also asked to be kept in the loop.
Here is one big reason to use a professional!