Posted on: 09th Dec, 2008 10:44 am
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if i am selling my property doing a owner finace my self. should i use a warranty deed because the buyer is not related to me? i don't have a lien on this property its free and clear. however, i will still need to have an interest in the property until they pay me 117,000 for the cost of the house or refinance later. or would i have to pay an attorney trying to cut cost my going to court clerk and have it recorded myself.
if i am selling my property doing a owner finace my self. should i use a warranty deed because the buyer is not related to me? i don't have a lien on this property its free and clear. however, i will still need to have an interest in the property until they pay me 117,000 for the cost of the house or refinance later. or would i have to pay an attorney trying to cut cost my going to court clerk and have it recorded myself.
Hi ms. curious,
Yes, you can use a warranty deed for the owner financing. I would suggest you to take the help of an attorney for this purpose as the attorney will be able to write down the terms and conditions for both you and the buyer. You will then have to notarize and record it at the county recorder's office.
Thanks,
Jerry
Yes, you can use a warranty deed for the owner financing. I would suggest you to take the help of an attorney for this purpose as the attorney will be able to write down the terms and conditions for both you and the buyer. You will then have to notarize and record it at the county recorder's office.
Thanks,
Jerry
A typical financed sales transaction has 3 parts. The first part is the Warranty Deed where the Seller transfers the property to the Buyer. The second part is a Promissory Note where the Buyer promises to pay the Seller for the property over time. The third part is a Deed of Trust which is the security for the Promissory Note (also called the Mortgage). The Deed of Trust transfers title back to the Seller, in trust, to hold as security for payment of the Promissory Note. If the buyer fails to pay the Promissor Note, the Seller can Foreclose on the Deed of Trust and take actual title. When the buyer pays off the Promissory Note the Seller does a Reconveyance where he transfers the title back to the Buyer who now owns the property free and clear.
