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Ask Tina Your Own Question
Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I am selling a condo in Atlanta, Ga and am interested in

Customer Question

I am selling a condo in Atlanta, Ga and am interested in speaking with a lawyer about reviewing and commenting on an owner financing contract to protect myself and validate what the other lawyer is suggesting are our capabilities to reduce risk of complications.
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
What are the questions you have about the sale and owner financing?
Customer: replied 11 months ago.
What is your name? Location of your license?I'm the owner of the condo. I am worried about the GA laws which impact this sale via an seller financed method. I'm looking for help to protect my risk in an owner financed deal. Terms are an initial 70k payment, then financing the bal over 4 years. I need an attorney to review this buyer attached contract, and suggest alternatives to restrict the risk level to one I would be comfortable accepting.For example: we requested and were declined by the buyers lawyer illegal in GA law... the following sentence or similar:"If Jay (buyer) is more than 30 days late on any of the 48 payments, Jay (buyer) forfeits ownership of the condo immediately, and ownership reverts back to Eric (seller). Jay (buyer) can be evicted immediately."This is recommended to reduce the drama associated with a delinquent buyer on the owner financed portion of the deal. Since the law in GA states, that I am a lender and need to follow lender laws, requiring notification of nonjudicial foreclosure to regain condo possession following the delinquency. This means notifying courts, posting ads, and auction (controlled).These are all things which would cause the deal to be painful, costly, and risk my residual payments of the seller financed portion.The question I have again, is how can I decrease my risk in selling this condo using a seller financed agreement. Since I have the lawyer from the buyer making the documents and comments which were new to me and uncomfortable, is there another solution that takes into account the phase-ology I described above and of course be legal in Ga.Please call me at(###) ###-####in order to avoid all the emails and site delays. Thank you in advance... the delay was in the cc company seeing two transactions and thinking it was fraud.Sincerely, *****
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply
I apologize if you had some misunderstanding of what this site can do. Please review the site terms which specify we cannot provide legal advice, only information to help educate customers as to their options or rights. If you believed or expected us to be able to do more than that I am sincerely sorry.
If you want information about the GA non-judicial foreclosure process we can give that to you so you can get your attorney to include that in your contract.
Customer: replied 11 months ago.
Sorry for the inconvenience, never mind as I was hoping to get help from a licensed attorney with this seller financed agreement. I will decline the charges and find an attorney to help.
Expert:  Law Educator, Esq. replied 11 months ago.
thank you for your reply. We are licensed attorneys, but pursuant to state laws we can only provide information to customers. Sorry for that misunderstanding.
If you need local counsel, please use the same sites used by other attorneys, http://www.hg.org or http://www.lexmundi.com
You are NOT being charged for this response and you can contact customer service at http://ww2.justanswer.com/help for a refund of any deposit if you like or call Just Answer customer service at(###) ###-####