Alabama Note & Mortgage, but may also include Bond for Title or Bond for Deed documents. Alaska Note with a Deed of Trust, but may also include Contract for Deed. Arizona Deed of Trust and Note with occasional Real Estate Contract Arkansas Mortgage and Note with occasional Contract for Deed California Generally a Deed of Trust and Note Colorado Generally a Note and Deed of Trust but may include a Real Estate Contract Connecticut Note and Mortgage generally used here Delaware Note and Mortgage Florida Note and Mortgage and occasionally Articles of Agreement or Agreement for Deed Georgia Generally a Note and a Deed to Secure Debt (which is essentially a mortgage) Hawaii Most often lien documents are a Note and Deed of Trust Idaho Most often Contract for Deed and sometimes a Note and Deed of Trust (mortgage and note are also legal but uncommon) Illinois Most often a Contract for Deed and sometimes a Note and Mortgage (deed of trust and note are also legal but uncommon) Indiana Most often a Contract for Deed and sometimes a Note and Mortgage Iowa This is the only state in the USA which does not have title insurance statute. Most seller financed transactions appear as Contract for Deed but could also be a Note and Mortgage (deed of trust and note are also legal, but uncommon) Kansas Most often a Contract for Deed and sometimes a Note and Mortgage Kentucky Most often a Contract for Deed and sometimes a Note and Mortgage Louisiana This is the only state that the basis for law is not English, it is French, so some things are handled differently. Most sellers carry back a Note and Mortgage. Maine Seller Carry Back loans are most commonly Note and Mortgage. Maryland I have seen seller carry documents both in Deed of Trust and Note and Mortgage and Note. (Deed of Trust and Note are also legal, but less common) Massachusetts Most seller financing is on a Note and Mortgage Michigan Michigan has a Land Contract Act and most seller financing is on a Land Contract. Maximum interest by law on a Land Contract is 11%. Sometimes we see a Note and Mortgage. Minnesota These are generally Contract for Deed. Have occasionally run in to a Note and Mortgage. Mississippi This state uses Deed of Trust and Note to secure lender’s interest. Missouri The seller financed documents are generally Contract for Deed or Deed of Trust and Note. Montana The lien documents here are commonly called a Montana Trust Indenture with Note. Occasionally I run in to a Real Estate Contract. (Mortgage and Note are also legal, but uncommon) Nebraska Call me directly if you are holding a note in Nebraska Nevada This is a Deed of Trust and Note state. New Hampshire Most lien documents are Note and Mortgage New Jersey Most lien documents are Note and Mortgage New Mexico Generally seller financing is in form of a Real Estate Contract. Have also purchased a Note and Mortgage New York This is a Note and Mortgage State. Sometimes we see a Contract for Deed North Carolina These are generally a Deed of Trust and Note. In North Carolina title companies don’t handle closings so you need a closing attorney. North Dakota Seller finance is usually a Contract for Deed. We have seen a Deed of Trust and Note also. Ohio This is a Mortgage and Note state. Occasionally we see a Contract for Deed. Oklahoma Most of the seller financed documents are a Contract for Deed. Deed of Trust and Note are also used. (Mortgage and Note are legal, but uncommon) Oregon Deed of Trust and Note. Sometimes a Contract for Deed. (Mortgage and Note are legal but uncommon) Pennsylvania This state uses Note and Mortgage for lien documents. Occasionally see Contract for Deed. Rhode Island This state uses Note and Mortgage for lien documents. South Carolina This state uses Note and Mortgage for lien documents. South Dakota Most seller financed documents are Contract for Deed. Tennessee Deed of Trust and Note are most common, followed by Contract for Deed (Note and Mortgage are also legal but uncommon) Texas Deed of Trust and Note are most common. Contract for Deed was the most common until about 2001 when the Texas Legislature put restrictions on Sellers and required many disclosures. If these new rules are not adhered to, the Contract could be voided by law. Utah Deed of Trust and Note are most common forms Vermont This state utilizes Mortgage and Note Virginia Deed of Trust and Note are most common, followed by Contract for Deed Washington Most seller carry documents are Deed of Trust and Note, followed by Real Estate Contract West Virginia Mortgage and Note are most common seller carry documents here. (Deed of Trust and note are legal but uncommonb) Wisconsin We most commonly see seller finance instruments as Contract for Deed, but Note and Mortgage are legal and are sometimes used. Wyoming Contract for Deed is what we see most commonly, followed by a Deed of Trust and Note (mortgage and note are also legal but uncommon)
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