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Updated over 5 years ago on . Most recent reply

User Stats

9
Posts
4
Votes
Emerald McGinnis
  • Rental Property Investor
  • Midland, TX
4
Votes |
9
Posts

FSBO Owner Finance Contract Question

Emerald McGinnis
  • Rental Property Investor
  • Midland, TX
Posted

I am in the process of negotiating to buy an owner financed property. Any advice on how to draft the contract? Should I enlist the help of an attorney? I have some experience drafting contracts but have never drafted and owner finance fsbo. Can it be handled as simply as downloading forms online or using legal zoom? I just want to make sure I don't over complicate or over simplify, lol.

Most Popular Reply

User Stats

728
Posts
688
Votes
Jonathan Taylor Smith
  • Rental Property Investor
  • Durham / Raleigh (Triangle), NC
688
Votes |
728
Posts
Jonathan Taylor Smith
  • Rental Property Investor
  • Durham / Raleigh (Triangle), NC
Replied

@Emerald McGinnis - If this transaction is worth doing, then its worth doing right. HANDLE EVERYTHING WITH AN ATTORNEY. Pay for it, and be happy about every penny of the cost. You'll only have to do it once, as then you'll have the docs for future use. Also, always (every time) handle the closing and recording of the docs with an attorney or title company. Do it right and sleep well at night. And then if there does turn out to be a problem in the handling, you'll have someone else to blame other than yourself - and they'll potentially be liable.

  • Jonathan Taylor Smith
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Blue Chariot Realty & Management
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