I own a property in Georgia and want to do owner/seller financing. I've read about SAFE Act and Dodd Frank Act. Confused? If I don't live in the property as my primary residence do I need to be a loan originator to do owner/seller financing? New at this and want to follow state and federal laws too.
Thanks for reply that's true for under Dodd Frank Act; however, what I've read if I don't live in the property I'm selling under the SAFE Act I must be a loan originator or hire attorney or a licensed loan originator. Thanks for your reply.
@Bethany Duren I've done a couple of seller financed notes myself and used an attorney (required in SC) but neither were properties I lived in personally. I'd recommend an attorney draw up the note either way.
Thank you Adam odum.
If you are only going to do 1-2 a year, max, then SAFE and Dodd Frank don't apply, at least with respect to needing to use an RMLO. You still have to do basic due diligence that the buyer is capable of keeping up with the payments and not do anything deceptive in terms of the loan terms. Use a Real Estate Lawyer and/or title company and loan servicing company to ensure things are done correctly based on your state...