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Updated almost 5 years ago on . Most recent reply

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15
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Sam Crochet
  • Atlanta, GA
0
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15
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Question re lawsuit on a house I sold via seller-financing

Sam Crochet
  • Atlanta, GA
Posted

Hi!

I received a threatening letter from an attorney regarding an accident that apparently occurred at a home I used to own. I seller-financed the home to the buyer a few years back and had a contract in place clearly naming the buyers as the new owner. Our contract gave me the right to hold onto the deed until the new owners make their final payment (which they have not yet done). I still have my old mortgage on the home as is often the case with seller-financing situations (we make a few hundred bucks in cash flow per month, which is one of the perks of seller-financing). The new owner pays the insurance/taxes into an escrow account, but the home owner's insurance policy is still in my name. Obviously, my position is I'm not the legal owner of the house and have not controlled the home since I sold it. 


Has anyone dealt with this scenario before? Any idea if I'm in the clear? Any recommendations on what to do?

Thanks!

Sam

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