Buying or Selling a Home
BUYING OR SELLING A HOUSE WITH SELLER FINANCING
Mr. Cann helps you buy or sell a house with seller financing.
We are loyal. We only represent the seller, or the buyer, not both.
If more than one person is involved in the transaction, we represent
you as a group regarding the transaction but we do not represent you among
yourselves. If you are buying or selling property together with another
person you need to have an agreement about what happens if you no longer are
in agreement about the management or ownership of the property.
Usually a title report is needed by both buyer and seller, to answer some
of the questions here. Things we need to know:
What property is being sold?
Is it a residence? How many units? Will the buyer occupy it or one
of the units?
Who is buying the property?Are there going to be inspections? and how long
is allowed to get those inspections? - we recommend that buyers obtain inspections
Is there a written agreement already? Please bring it.
What is the price? What is the down payment? Over what period
of time will the balance be paid, and at what interest rate? With what balloon
Will the buyer be allowed to sell the property without paying the full purchase
Will the buyer be allowed to occupy before closing, or the seller to occupy
after closing? - we recommend against this in all circumstances
Is the property habitable?
Has there been work done on the property recently?
Does the buyer expect to do any work on the property?
Where will the transaction be closed? Usually at the title insurance
company that will insure the sale - and we recommend against buying or selling
property without title insurance.
There are four methods of documenting seller financing in real estate transactions,
each has benefits and problems for buyer and seller:
- lease option - we generally recommend against this method
for both buyers and sellers
- land sales contract
- deed, note and mortgage
- deed, note and trust deed
Is there anything you believe to be unusual about the
Is there anything in particular you are worried about?