Owner Finance as a Seller
I own a commercial property that a current tenant has approached me about selling to them via owner finance. Which I am very open minded to as I was thinking of listing the property anyways. I have searched a little on the forums and haven’t found much information from the seller side. So I have a few questions.
I’m going to structure the deal based on current market value and interest at 1% over my current loan rate or any future loan rates as refinance occurs. Is this normal or fair?
Will a bank still refinance my commercial loan when it comes time in a few more years?
Am I required to report the sale with the county or can I hold the contract until paid in full and then quick claim? The property is in a LLC currently. Could I just sell them the LLC?
Are there forms somewhere that I can download and prefix?
How are my taxes going to be affected? Do I pay the same as if they were renting?
Any tips and advice or anything I’m missing?