Posted on: 18th Oct, 2010 07:27 pm
I want to purchase a property from a friend (about 50k in bills) and we are not sure how to go about doing this. He will finance the purchase and I would pay off all debts at purchase.
Would he need to create a mortgage or would that be done in the fsbo contract?
Can we use a "contract for deed" instead of the fsbo contract or do we need both?
If seller holds on to the deed and he gets sued or rack up 100k of medical bills would the property be at stake?
If I get sued or have medical bills will the property be at stake?
Thanks
Would he need to create a mortgage or would that be done in the fsbo contract?
Can we use a "contract for deed" instead of the fsbo contract or do we need both?
If seller holds on to the deed and he gets sued or rack up 100k of medical bills would the property be at stake?
If I get sued or have medical bills will the property be at stake?
Thanks
Hi stuart,
You and your friend can go for owner financing as your friend is financing you for buying the property. Both of you can contact a real estate attorney and he will draft the owner financing agreement for you and your friend wherein the terms and conditions of the contract will be noted.
To know more about owner financing, check out the given page:
http://www.mortgagefit.com/owner-financing.html
Thanks,
Jerry
You and your friend can go for owner financing as your friend is financing you for buying the property. Both of you can contact a real estate attorney and he will draft the owner financing agreement for you and your friend wherein the terms and conditions of the contract will be noted.
To know more about owner financing, check out the given page:
http://www.mortgagefit.com/owner-financing.html
Thanks,
Jerry