SAFE act / Dodd Frank, seller financing, "de minimis" exception

[Demjan Van Der Kach]

Hello everybody! I would like to understand the "de minimis" exception in SAFE act and Dodd Frank. My understanding I can do three residential transactions with seller carry backs (I am the seller) per year without going through licensed loan originators... is it correct? Basically these three transactions could be done on private terms? I wonder how flexible I could be with my contract terms? Do I have to fulfill the "ability to pay" requirement in these first 3 transactions? Anything specific on SAFE act in Arizona? Thank you

[Bill Gulley]

Regardless, doing any financing where the borrower isThe Fair Trading Act governs real estate dealings, anyone along the way in a real estate transaction must not mislead or deceive, intentionally or even unintentionally in what they say, agree to or act upon. The relevant Sections of the Act are 9 and 14 (1) (b).

Section 9, is rather simple, “No person shall, in trade, engage in conduct that is misleading or deceptive or is likely to mislead or deceive.

Section 14; “(1.) No person shall, in trade, in connection with the sale or grant or possible sale or grant of an interest in land or with the promotion by any means of the sale or grant of an interest in land, -

Make a false or misleading representation concerning the nature of the interest in the land, the price payable for the land, the location of the land, the characteristics of the land, the use to which the land is capable of being put or may lawfully be put, or the existence or availability of facilities associated with the land.”not qualified having the ability to pay as agreed is also predatory lending, you can get shot from that as well as Dodd-Frank, so exempt or not, follow the mortgage origination requirements. :)