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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 41036
Experience:  Texas Attorney for 30 years dealing in real estate
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I have been looking at the form: and I have 2

Customer Question

I have been looking at the form:
and I have 2 questions.
First, I am considering owner financing a piece of property, and I'm unsure exactly what documents I need. This document appears to be all-inclusive, as it contains contract of sale, promissory note, and mortgage elements. Do you think I need anything else?
Second, on first glance at the sample, it appears as if I transfer deed upon initiation of the agreement. Shouldn't that wait until all payments have been made, just as with a bank?
In the end, I guess I just need to know which forms I need from, and how to make sure I fill them in so that I keep the deed until payments have been satisfied.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today.
US Legal is a very reputable legal forms site.If you purchase the package you reference it would include these forms and any necessary disclosures for you as a seller.
These are the documents you would need here.There is not a deed of trust in Florida as they sue judicial foreclosures if the buyer defaults.At that point you would file a civil suit to foreclose through the courts.
You want the package here because it has the disclosure and related forms.Also you will need your deed where you got property for the legal description.
You might also want an amortization schedule.This sets out a payment schedule for say 15-30 years and how much is principal and interest and a balance so everybody understands what they owe at any given time.
You can get one of these here..Good idea for you to have one and buyer as well.
I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.
Expert:  Ray replied 1 year ago.
If you can leave a positive rating it is always sincerely ***** *****