Posted on: 18th Jun, 2010 05:27 am
i have been told that i could sell a property on a quit claim deed in a rental situation. in other words, the buyer takes ownership with this deed with an agreed upon selling price. the only difference is that an agreement is drawn up where the buyer could turn property back over to me. it is really a buyer/renter situation with a possible intent to buy down the road. the buyer (renter) would make monthly payments (principal + interest) to me that would offset purchase price, if a deal is consummated at some point in time. the buyer (renter) would have full rights as owner and could deduct interest portion of the monthly payments for tax purposes.
if the buyer (renter) decides to back out, the deed is revoked. what are your thoughts?
if the buyer (renter) decides to back out, the deed is revoked. what are your thoughts?
Hi RKW,
As far as I can understand, you are speaking about owner financing a property. In this case, the buyer is liable to pay the purchase price of the property to the seller on a monthly basis. Both you and your buyer will have to sign an agreement mentioning the terms and conditions of the owner financing. If the buyer is unable to pay the dues on time, you can take over the property.
Thanks
As far as I can understand, you are speaking about owner financing a property. In this case, the buyer is liable to pay the purchase price of the property to the seller on a monthly basis. Both you and your buyer will have to sign an agreement mentioning the terms and conditions of the owner financing. If the buyer is unable to pay the dues on time, you can take over the property.
Thanks
You are describing a lease with an option to purchase. Goggle to find documents.
