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.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing