Seller financing deed

[Dave Halevi]

Hey y'all.

I'm about to close on a seller financing deal, do I get the warranty deed to be recorded under my LLC name? Or it has some other method of putting it together until the end of the balloon/loan period?

What is costumery regarding the payments, if I fall behind, God forbid, after how many months the seller can take action.

Also, can they ask me to keep on going with their insurance company with the same policy?

Thanks much!

[Dock Newell Jr]

When you're closing on a seller financing deal, several aspects must be considered regarding the deed, payments, and insurance. The warranty deed should be recorded under the LLC name to establish legal ownership of the property. The loan terms and defaults should be clearly outlined in the purchase agreement and promissory note, including interest rates, repayment schedules, and balloon payment details. In case of a payment default, the grace period should be specified, which is often negotiable during the contract negotiation phase. The seller may require property insurance to protect their interests, and the buyer can choose their own insurance provider as long as it meets the coverage requirements. The agreement should be carefully reviewed, and consulting a real estate attorney is recommended to ensure compliance with local laws and protect interests. Negotiating terms with the seller before finalizing the agreement can address concerns about payment schedules, grace periods for defaults, and insurance requirements. Thorough due diligence on the property is also necessary to ensure it meets investment criteria. Seller financing deals can be highly customizable, and the terms should be mutually agreed upon between you and the seller. It's essential to have all agreements in writing and reviewed by a legal professional to protect your interests and ensure compliance with local laws and regulations.