Hello, here is the deal, I owe money on my mortgage, but I want to move to another city. I have a guy who loves the house, but he wants to do the owner financing. I figured I could sell it to him for a higher price than what I owe on it and charge him a yearly interest. I have explained to him that there is a lien on the house and he is fine with it. Basically I see this as better than foreclosing if I can no longer live there and this way he gets to keep it if he finishes paying me the full term of the loan which will probably be 15 years.
By the time he is done paying me I would have full ownership of the house and the title. Then I could transfer it to his name after he finished paying me. I am asking him for a down payment and his monthly payment will include the taxes, and any insurance I pay that way I am covered. So what can I say in the contract that I create, or do I need to get some legal paperwork? Help:)
2007-10-17
08:39:00
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10 answers
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asked by
ilovecats
1
in
Renting & Real Estate