Baltimore Seller Finance Deal: Need Recommended Attorney

[Kody Veit]

Hello,

I am looking to structure a seller financing deal. I have an LOI put together by my Agent including the seller and my own agreed upon terms and would like to run it by a local Real Estate Attorney to see if I have all sides covered. I am coming to BP to get a quality recommendation, if anyone has a connection or is working with an Attorney they approve of, I would greatly appreciate the connection.

Thank you,

Kody 

[Account Closed]

Most lawyers are conventional and don't understand creative financing - so when you find a lawyer you should be prepared and ask  these questions:

• Loan amount - principal
• for how long - term 
• what's the interest rate (or it could be a "principal mortgage - that is NO interest - all payments go to pay down the loan - my favorite - learn how to ask for this great mortgage)
•  balloon payment, 
• will  you have a right to discount for early pay-off, 
• will you have the right to substitute collateral in the event you sell the property (no need to pay off mortgage - just walk the loan to another suitable equity that you own - this way you keep all the proceeds of the sale with no need to pay it off to the owner - you still owe it - but just have another collateral)
• will you build in a "first right of refusal" in the event mortgagee has an offer to sell the mortgage
• will your mortgage be recorded or will use a promissory note - not recorded
• will seller require co-signer or a blanket mortgage - 
• will seller stay on as a joint venture/hybrid partner for a percentage of the resale profit in lieu of a purchase discount

You just may only need a title company - they can get the job done for less money - lawyers are expensive - talk to a seasoned local investor for hints on asking and getting seller financing.

For us investors, seller financing is the best loan ever.

Wishing you good luck ---- Charles - Baltimore Maryland