Posted on: 17th Apr, 2010 02:07 pm
I am looking into buying a 50 000 piece of raw land, seller financed at 9 percent over 15 years. I need to know about title, who gets title, when and why?
also a step by step break down would help me a alot, thanks!
also a step by step break down would help me a alot, thanks!
hi guest,
generally, you would not be able to get a free and clear title to the land till the time you pay off the purchase amount in full. if you go for seller financing, you will have to enter into an agreement with the seller. it will be stated in the agreement that the seller will transfer the full title to you after you pay off the entire purchase amount as per terms of the agreement.
you can also refinance the land and pay off the seller at the end of a certain period of time in order to get the title in your name. it is also advisable that you hire an attorney to represent you while you sign the owner financing agreement to make sure your interests are taken care of.
generally, you would not be able to get a free and clear title to the land till the time you pay off the purchase amount in full. if you go for seller financing, you will have to enter into an agreement with the seller. it will be stated in the agreement that the seller will transfer the full title to you after you pay off the entire purchase amount as per terms of the agreement.
you can also refinance the land and pay off the seller at the end of a certain period of time in order to get the title in your name. it is also advisable that you hire an attorney to represent you while you sign the owner financing agreement to make sure your interests are taken care of.