Owner finance deal question

[Serge S.]

I'm considering packaging up some 4plex buildings into an owner finance deal. Looks like a fair win win deal. I am offering very fair terms and the deal will cash flow for the buyer. This would be my first real owner finance where I am on the financing side. My questions for the pros that have done it:

Any issues with the SAFE Act to consider?
Would you use a lawyer to draft the deed of trust and promissory note or online template?
If using a lawyer, any AZ recommendations? All the legal help I've had has been pretty shoddy and unresponsive.
If using templates it would be great if you could share those.

All help and advice is appreciated.

[Bill Gulley]

An attorney is not thousands of dollars, I strongly suggest you use one to avoid the issues of the SAFE Act even though you may be exempt with one deal in your state, just because you may not be required to have a mortgage originator doesn't mean you can avoid the claims that may arise being the intent of the law.

You should search here for seller financing underwriting and loan servicing. Much has been written on the subject. I have never seen a contract for deed that can be hadfrom the internet that is suitable to me.

To do seller financing successfully you need to have conventional lending knowledge, understand how the buyer can meet the future requirements, failing to do so is the basis for the SAFE Act, read again my applicability to the intent.

Search for a thread "What do you want Mr. Note Buyer" gold nuggets for you in there.

See an attorney, the cost can be paid by the buyer or you could split the cost. I believe I have more experience with seller financed transactions than anyone on BP, I doubt that would be contested being in the thousands in multiple states, but not Az, I'm also retired so I have no agenda in offering advice and you can contact me on this one. :)