I live in Texas. What documents do I need in order to owner finance a building? What is the best way to do this? ::)I want to sell the building, which I own outright. The buyer will pay me for ten years.
Thanks,
Carolyn
:-* :-* :-*
I live in Texas. What documents do I need in order to owner finance a building? What is the best way to do this? ::)I want to sell the building, which I own outright. The buyer will pay me for ten years.
Thanks,
Carolyn
:-* :-* :-*
Someone else can correct me if Iâm wrong, and I do pray that I am, but as I understand it Lease Options and most other forms of seller financing are now illegal in the state of texas.
Not if you own the property free-and-clear.
You need a contract, a note, and a mortgage.
Keith
Should I use a contract for deed?
Thanks!
carolyn
Did you know that it is possible to sell that note once it has been created? You may sell all or a part of the note.
I donât live in Texas and this doesnât apply to me, but I am curious about the laws there. I know the laws about contracts for deed and lease options, but can you sell a property with an existing mortgage using a wrap?
BoboTheKing -
I believe tedjr answered this very question in another thread. The answer was âYesâ (he said a lawyer in Austin is known exclusively for doing wraps).
Thanks for the info.
If youâre working with an agent, the Texas Association of REALTORSÂŽ has an addendum for seller financing. You can have a lawyer use this as a starting point or have them draw up an agreement.
There are MANY investors looking for owner-financed properties, so I think you can sell your place quickly as long as itâs a decent deal.