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Updated almost 6 years ago on . Most recent reply

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87
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Ty Ottaberry
  • Rental Property Investor
  • Gilmer tx
21
Votes |
87
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(Seller financing)dose propert stay in my name until fully paid?

Ty Ottaberry
  • Rental Property Investor
  • Gilmer tx
Posted

I have a few gray areas when it comes to the seller financing paper work. The process is easy to understand ,I want to make sure I'm protected in case I need to foreclose on the buyer ,  I understand the buyer's credit approval, promissory note, deed of trust.   I just purchased a small 6,000 square foot vacant corner lot in a amazing residential location for $1,500😎 . I'm selling it with owner finance for $9,000 with a 6% rate no money down towards the property, amortized over 60 months. I found my buyer ,she absolutely loves to terms 🕺.  I'm definitely going to have an attorney look over all my paperwork . The only thing but I'm a little confused about is . Does the property deed stay in my name until they pay off the Note? Or do I transfer the deed to their name? I've learned a good investor always keeps 100% control over the property  but the property is structured under someone else's name, it's a tax loophole I learned in Tom wheelwright's tax free wealth book  .will my paperwork protect me if it's in their name if I need to foreclose ? 

Most Popular Reply

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Greg H.
  • Broker/Flipper
  • Austin, TX
4,243
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4,338
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Greg H.
  • Broker/Flipper
  • Austin, TX
ModeratorReplied

Since Texas is a Deed of Trust state, the property is conveyed to the buyer subject to a note and DOT to you. Doing a rent to own or contract for deed in Texas is rarely done and requirements are very difficult

  • Greg H.
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