Quit claim deed. HELP. Advise needed

[Joshua Nobles]

Hi guys, I am working on a sale of a property. I am going to owner finance. It is a very inexpensive property that needs a lot of work. The property is in New Orleans, Louisiana and here are the terms... $7000 sale price $500 down payment 7% interest Amortized over 7 years Total due in 2 years Here is my question. Buyer wants me to do a quit claim deed, and record the loan. He says he does not want to pay a closing attorney to close the sale. I am hesitant. My thinking is if I do a quit claim deed and he doesn't pay, I can't foreclose and take the property back. Am I correct? What are my options if he doesn't pay? Has anyone ever done a sale this way? If you are familiar with Louisiana laws that may help also.

[Alex Deacon]

@Joshua Nobles the best way to protect yourself is do a lease option. The property will stay in your name until the option period is over and the buyer has to pay you off in full. Seek the advice of a good RE attorney well versed on this subject