you are selling the house and "wrapping the mortgage." IT is almost identical to a lease-purchase but the buyer gains more rights........ MAKE SURE--MY INVENTION-- that you: a; get a quit claim deed signed in advance by the buyer to be. In the agreement, stipulate that 2-3 late payments in a row [if B does not work] means that the buyer has given up his rights to the house and will move out. b; see if the buyer's employer will go along with payroll deduction so that the employer pays you direct. require inside the house insurance from any damage. and yard maintenance. available to guide further if desired
by kemperk - 2 hours ago
In Texas the state does not have a standard contract for this. So it is however you and the "seller" have it written up by your attorney's. Maybe it should fix the sales price. Maybe it should address what is exactly happening to the payments being made and how the buyer knows the seller is paying them to the mortgage company instead of just pocketing them. Or how the seller knows the buyer is makeing the payments to the mortgage company (if that is how you arrange it). Are you going to pay anything extra toward whatever equity the seller claims to have? How is the insurance coverage going to be done? (you will need to know in case of a claim). How are the property taxes to be paid? Who gets to deduct the cost of the interest? Who pays for repairs? At what point can you put this in your name?
by glenn - 2 hours ago
Do you have to get sellers mortgage holders ok?
by Dick - 2 hours ago
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