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A seller sells his property and carry a "wrap around" loan,

A seller sells his property...
A seller sells his property and carry a "wrap around" loan, the buyer receives title on date escrow closes? Thanks.
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Answered in 14 hours by:
12/20/2017
Michael Lykken, Esq
Category: Legal
Satisfied Customers: 120
Experience: Partner at Soares & Lykken, Attorneys at Law
Verified

H​ello, thank you for using this service. My name is ***** ***** I am a California real estate attorney. Please understand that I can only provide you with general legal information in this forum, and that no attorney-client relationship is established. Now that the formalities are out of the way, let's look at your question.

It looks like you are asking when the buyer receives title to the property if the seller finances the purchase by carrying a loan. How that would work is that the buyer would execute a deed of trust and promissory note in favor of the seller. That would be executed through escrow, and the deed of trust would be recorded against the property. Escrow would close, and the buyer would receive title to the property at close of escrow. The buyer would make payments to the seller, and if the buyer defaulted the seller could foreclose on the deed of trust. Once the loan is paid off, the seller would record a satisfaction of the deed of trust so that the loan is no longer an encumbrance on the property. I hope this helps, and please let me know if you need any clarification. If not, I would appreciate it if you would rate my service as I only receive credit for helping me if you rate my service. Thank you and good luck!

Michael Lykken, Esq
Category: Legal
Satisfied Customers: 120
Experience: Partner at Soares & Lykken, Attorneys at Law
Verified
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Michael Lykken, Esq
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