Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

26
Posts
6
Votes
Greg Shyne
  • Residential Redeveloper
  • Dallas, TX
6
Votes |
26
Posts

Seller Financing Promissory Note and Deed of Trust?

Greg Shyne
  • Residential Redeveloper
  • Dallas, TX
Posted

Hello,

I'm currently in the process of negotiating a deal with a seller using seller financing (in Texas). However, I have never structured a deal that did not involve a hard money or conventional lending. Can anyone please advise how would go about obtaining a template Promissory Note and Deed of Trust to close on these types of deals or at least point me in the right direction? I would really appreciate the help.

Thanks!

Greg

Most Popular Reply

User Stats

10,251
Posts
16,108
Votes
Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
16,108
Votes |
10,251
Posts
Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied

Here I open escrow at a title co.  They have attorney's they use to draft these docs that do it all the time.  The extra cost to get it done right is usually only about $300.

Then I use a contract servicing dept at a local bank.  They hold all original docs, electronically take my payment and get to the seller, do the amort schedule and annual interest reporting.  Maybe a local bank does that in your area.  Your title co should know.

Good luck @Greg Shyne.  Done right, seller financing can be amazing!

Loading replies...