Owner Finance Austin REI Attorney
I'm a brand new REI and I'm about to put my first house under contract in Austin! I'm very excited, but I need a great Real Estate Attorney that works with investors and especially closing with owner financing. Any referrals would be appreciated. I tried to search the forum, but there is just so much content here. Thank you all for being such great teachers/colleagues.
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@Ashley Atwood I started in 2000 in real estate investing before law school, and worked with investors since 2015. Prepping owner finance docs can be straight forward when done right. Even if you don't plan on doing very many, it pays to comply with T-S.A.F.E. and Dodd-Frank from the first transaction. Use an RMLO to get a credit app b/c they will supply some of your required disclosures. If your interest rate is over a published number (by CFPB), it is a "high cost loan" and appraisal/inspection become mandatory (typically paid for by buyer). Close at a title company. Use a promissory note and deed of trust. If there is an underlying loan, these are wraparound versions, plus the notices/disclosures. Use a loan servicer to help with your annual requirements.