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Updated over 7 years ago on . Most recent reply
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Seller Financing Promissory Note and Deed of Trust?
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
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- Rental Property Investor
- East Wenatchee, WA
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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!