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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53967
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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How does owner financing work . Suppose I want to sell after

Customer Question

How does owner financing work . Suppose I want to sell after two years
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Richard replied 5 months ago.

Good afternoon. My name is ***** ***** I look forward to helping you. It will take me just a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 5 months ago.

Owner financing is just like third-party lender financing other than the owner is the lender rather than an institutional lender. You are free to sell the property; at closing, the owner financing your property simply needs to be paid the outstanding balance of the loan. Once the balance is paid from the buyer's proceeds, then the remaining proceeds go to you and the deed goes to the buyer. There would be no restrictions on your ability to sell other than the obligation to pay the former owner who financed the property for you.

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