How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53953
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
17027240
Type Your Real Estate Law Question Here...
Richard is online now
A new question is answered every 9 seconds

My renters want to buy my house and I will finance how do I

Customer Question

my renters want to buy my house and I will finance how do I go about it
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Richard replied 5 months ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 5 months ago.

Good morning. Basically, you want to first enter into a Purchase and Sale Agreement setting forth the terms of the purchase.....price, closing date, allocation of closing costs, title issues, earnest money, contingencies, etc. Then, when you do close, the basic documents needed are: i) Seller needs to deliver a Seller Disclosure form regarding material items regarding the property that Seller knows about that a reasonable Buyer would want to know in making the decision to buy; ii) Seller will need to sign a deed transferring title to the Buyer; iii) Buyer will need to sign a promissory note evidencing the amount being financed, the interest rate, and terms of repayment and a Deed of Trust/mortgage document giving Seller a lien on the property to secure payment of the note.; and iv) Buyer will need to deliver the cash portion of the purchase price.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Related Real Estate Law Questions