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Updated about 6 years ago,

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8
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Katie Golden
  • Virginia (NVA area)
0
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8
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Contracts needed for a seller finance deal free/clear in VA?

Katie Golden
  • Virginia (NVA area)
Posted

Hello Everyone, 

 So this is my first official question, hoping I can get some guidance! I am a new investor, have been learning a lot on seller Financing / LO investing.  I am located in Virginia :)  

For anyone that has knowledge in this type of investing I would GREATLY APPRECIATE your help right now! I don't want to mess this up of course! :) 

Situation: Sellers Home is owned Free and Clear, they have agreed to seller financing. And my end goal is to stay in the middle, place New buyer in home either with Lease option agreement or Contract for Deed. ….  

1. What contracts do I need with the Seller in order to be able to do a LO or Contract for Deed with new tenant/Buyer?

( I will say the names of contracts are really confusing me lately)

*2. I want title to the property correct? or else I can NOT do a L/O or Contract for Deed with new Buyer right??

3. Do I need an attorney to close my deals in VA, or is it just wiser to have attorneys close all my deals? OR should I just use the attorney to draw up various contracts and use title companies to close always?

 4. What are questions to ask a title company to see if they are experienced with these type of closings?  

(the one title agency I spoke with said they didn't know how you would seller finance a home you have seller financing on already, that would create 2 liens and no one would probably buy a home with it having that lien already.) 

*This is where I get confused, not sure how to acquire the property so that I can then create a Contract for Deed or L/O with new buyer.

All the Bests, 

Katie 

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