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  1. #1
    Join Date
    Jun. 21, 2004
    Location
    Central Florida
    Posts
    4,306

    Default Important "needs to know" when buying a house w/owner financing

    Does anyone know of any sites that have the legal terms or contracts for buying a house with owner financing? How do you find out who REALLY owns the house so you know it is legally theirs to sell?

    I would also like to know the different terms for a lease to own.

    Can anyone help? I am looking at buying a 3/1 on 1ac but I want all contracts spelled out 100% before I give my deposit on the 1st of Oct. Things like who pays property taxes/homeowners insurance.....
    *^*^*^
    Himmlische Traumpferde
    "Wenn Du denkst es geht nicht mehr, kommt von irgendwo ein kleines Licht daher"



  2. #2
    Join Date
    Mar. 23, 2005
    Location
    SF Bay Area
    Posts
    3,081

    Default

    You need to speak with a local, knowledgeable real estate attorney... well worth the fee in such a large and significant matter.



  3. #3
    Join Date
    Jun. 24, 2005
    Location
    Alabama
    Posts
    10,533

    Default

    You can go down to the county courthouse, and the property office can tell you the legal owner. And Florida might have it online. Just google "real estate assessment" and the county name to see if it's online.I bet it is, and you'll have the name of the owner, and if there are any tax liens. You also need the real estate attorney because they can check for other law suits and liens against the property. You also need to check with the county for zoning, and make sure what you want to use the property for is allowed. You also need to know about easements or other potential problems.
    You can't fix stupid-Ron White



  4. #4
    Join Date
    Jan. 9, 2009
    Location
    a little north of Columbus GA
    Posts
    1,912

    Default

    Ditto RainyDayRide's advice to find a real estate attorney.

    Years ago we bought a place from a newspaper ad and assumed their mortgage with a small down payment. Since there was no RE agent involved, we had a local attorney look over all the paperwork before we signed and closed.

    There are so many little details -- because it wasn't a traditional closing with a loan officer handling all the paperwork, we had to record the deed ourselves -- and it cost way more than I thought, plus it took a few tries to get all the forms filled out the way the county wanted them.

    Making sure they have clear title is usually done when the title insurance agency does their research -- again in this kind of arrangement you need legal advice to make sure you don't walk into a big problem.
    --
    Wendy
    ... and Patrick



  5. #5
    Join Date
    Dec. 2, 2002
    Location
    Berlin, Germany
    Posts
    2,537

    Default

    Quote Originally Posted by RainyDayRide View Post
    You need to speak with a local, knowledgeable real estate attorney... well worth the fee in such a large and significant matter.
    +1. We just bought our first home. Not owner financed, but it was FSBO. Our real estate attorney was worth every penny we paid him. It was not cheap, but neither was the house (to us), so it was a drop in the bucket when all was said and done.

    Find a well-reviewed real-estate attorney, and speak to a few about your situation before you settle on one.
    Here today, gone tomorrow...



  6. #6
    Join Date
    Jun. 21, 2004
    Location
    Central Florida
    Posts
    4,306

    Default

    Thank you everyone.. VERY VERY helpful and exactly the kind of information I was looking for
    *^*^*^
    Himmlische Traumpferde
    "Wenn Du denkst es geht nicht mehr, kommt von irgendwo ein kleines Licht daher"



  7. #7
    Join Date
    Apr. 8, 2010
    Posts
    47

    Default

    All of the above, plus get a survey done, also worth every penny.



  8. #8
    Join Date
    Dec. 15, 2005
    Posts
    4,063

    Default

    Make sure you get owners title insurance, not just lenders title insurance. You need to be protected in case there is a hidden ex-wife, or other ownership issues.

    In our state, a settlement company usually does the actual sales transaction. They usually have an attorney who can talk with you. Your realtor may have an attorney through her realty firm. We have gotten lots of free and low cost legal advice from the attorneys who are part of the transaction.

    I agree with the person who said to get a survey. Make sure the title insurance covers the survey. You don't want to find out later that you only own 1/2 acre.

    Check the zoning, county development plan for the community, recent applications for zoning changes or exceptions, and plans for new roads in the area. Talk with the neighbors. Check the local crime rates, crime reports, and location of local registered sex offenders. Look at the flood plain maps.

    Make sure you have a good realtor. A good realtor can guide you through everything.



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