Finance** sorry for the grammatical errors
It sounds like you're saying you own the home outright and sold it using owner financing. If you had your own attorney handle it, then they should have insured that your loan is properly recorded, so not a lawyer, no legal advice, but I'd think that worst case, you'd need to foreclose and take the house back if he doesn't perform. If it was his attorney, I'd check to make sure your lien on the property is recorded. He's getting a 7% loan to flip it, so he's probably happy, and you've got your home sold and will likely have it paid off in less than a year, so may work well for you both. A relative found out recently that the lawyer who recorded a lien for them put his law office as the notification address, not their home address. 10 years later when the guy stopped paying, they found out from the records' office that the home foreclosed and they never received notice because it went to the lawyer's office, now non-existent, not their home. It was not a large balance and in second position, anyway, but it was frustrating as they were told they couldn't recover. As yours is only 1-year until payoff, I don't think you'll have any issues like that.
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