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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55297
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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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: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year 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 1 year 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.

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