New to Real Estate · State College, PA · Member since 2017 · 4 posts · 0 votes
The purchase price is $38700 and I plan on putting a down of 35% = $35545 and having the owner carry the remainder for 12 months with equal payments and 6% interest. What is the best way to close on this property including documents needed to protect me (the buyer) and signing all the needed docs showing my deposit and the payments?
Also, if dealing with just the owner, how do I go about doing a title search for O&E, taxes, liens etc and making it contingent, would there be an escrow we can go through? Once the final payment is made by me, what prevents the seller of just keeping the deed, ie: what holds then seller responsible to transfer the deed via QCD or warranty deed etc? Sorry all the beginner questions, just want to make sure its done right and am protected now and down the line as much as possible, any help from all of you is much appreciated!
The purchase price is $38700 and I plan on putting a down of 35% = $35545 and having the owner carry the remainder for 12 months with equal payments and 6% interest. What is the best way to close on this property including documents needed to protect me (the buyer) and signing all the needed docs showing my deposit and the payments?
Also, if dealing with just the owner, how do I go about doing a title search for O&E, taxes, liens etc and making it contingent, would there be an escrow we can go through? Once the final payment is made by me, what prevents the seller of just keeping the deed, ie: what holds then seller responsible to transfer the deed via QCD or warranty deed etc? Sorry all the beginner questions, just want to make sure its done right and am protected now and down the line as much as possible, any help from all of you is much appreciated!
You would contact a real estate attorney who will pull or order a Title report, and have them draw up a "Wrap" (that is a mortgage that includes the underlying payment) or a "Land Contract" and then record the appropriate documents.
Ok so an attorney to do a land contract and recording of the documents that sounds great! How about doing a title search O&E etc, would that be done now, at the end of 12 months or both times to check and see if any new liens, taxes, judgements, mortgages etc have been created? Thanks for the help!