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Ask Maverick Your Own Question
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 6392
Experience:  20 years professional experience
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I have an offer on my house, but as an owner financing. My

Customer Question

I have an offer on my house, but as an owner financing. My mortgage company is M&T. How will this work? Will I keep the title and loan in my name and they make payments to cover my mortgage costs? If they miss a single month, the property reverts to me? Is there documentation you can send me that I can reference?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Maverick replied 1 year ago.
Welcome to Just Answer (“JA”)! My name is Maverick. Please note that: (A) The information we provide is general information. No attorney-client relationship or privilege is formed by communicating with me. If you want legal advice, you must consult with a local attorney in person before acting or deciding not to act based on any information given here; (B) Experts answer questions based on the honor system. When I feel that I have provided you with a complete answer, I will ask for you to assign a feedback rating so that JA will compensate me for my time; and (C) You should not be concerned about any short delays between your questions and my replies. Please know that I answer most questions within the hour if I am signed on. If I am not signed on, then I still make every attempt to respond within 24 hours. Thank you for taking the time to understand how this site works. By continuing, you confirm that you understand and agree to these terms. Answer will follow in the pane below as per above parameters….
Expert:  Maverick replied 1 year ago.
Seller financing can be carried out in one of two ways. The first is where the buyer signs both a promissory note promising to repay the loan and a deed of trust which allows the seller to foreclose if buyer fails to pay. In return, the seller signs a deed transferring title to buyer. The second is for the seller to keep title to the property for as long as it takes buyer to pay off the loan. The contract states that the seller will keep title to the property until the buyer pays off the loan. After the buyer pay off the entire loan, the seller signs a deed transferring title. Because the seller keeps the title over the life of the loan, the buyer cannot sell or refinance the property until all payments are made and the title is transferred. Which method do you and the buyer want to use? I can then try to locate the forms for you.