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#2152718 - 11/08/17 06:24 PM Land Contract Financing - Where to Show Funds Paid
Believing... Offline
Gold Star
Joined: Apr 2012
Posts: 346
In the mountains
We are financing the balance on a contract for deed. We treat these as purchases for both HMDA and TRID. We are preparing the LE today and do not know where (or if) the amount that has already been paid needs to be shown on the LE. Do we show the sales price as the full amount of the contract and calculate the warranty deed tax on the full amount? Or do we only deal with the remaining balance on the contract?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2152729 - 11/08/17 07:04 PM Re: Land Contract Financing - Where to Show Funds Paid Believing...
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
From a TRID standpoint, you would deal with the balance. If they already have an interest in the property, this would not be a purchase under TRID. Warranty deed tax is a State specific question.
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