Interesting Subject to deal need advice!
Did a little search and couldn't find anything in the forum, if I missed it please just post the link!
Someone brought an owner financing deal to me that looks great, my attorneys and I are concerned about how I'd be protected, just wondering if anyone has done something like this in the past and can let me know what verbiage they used.
I cannot assume the loan on the property, only a family member can. We agreed to record a memorandum of the sale in the town clerk's office, which would prohibit the seller from conveying the property to a third party and I'd make payments directly to the lender for the remainder of the loan. I'm concerned about potential liens or other encumbrances being places on the property in the future since the property would technically still be in the current owner's name.
This is a deed in the draw situation, which is new to me. We usually purchase everything cash, but this seems like a great deal and on an easy 2k rental.
Thanks in advance!