Is selling your home and providing owner financing legal wh

klik · Joined: 18 Jan 2008 Posts: 1 0.79 Dollars($)

I owe approximately $24,000 on a home that I am interested in selling utilizing owner financing, and was wondering if this is legal in the state of Texas? Also, any suggestions on wording and details of the agreement between buyer and seller?

jenkin7 · Joined: 04 Jun 2007 Posts: 880 131.00 Dollars($)

Hello Klik,

As far as I know, this is legal in Texas. But you have to pay off your mortgage first and only then you may be able to sell off your property. If you manage to get a down payment from the buyer to cover the mortgage balance that you owe, you may pay it off with that.

For a sample owner financing agreement you may look here at http://www.escroserv.com/pa0502.pdf
You may rely upon the details in this sample agreement as they are the member of the Escrow Association.

You may also look here http://www.mortgagefit.com/owner-financing.html for further information on owner financing.

adonis · Posted: Sun Jan 20, 2008 5:02 am Post subject:

Escrov is the member of American Escrow Association. So, Klik, you can go through the agrremnet they've provided, but I would suggest that you talkto an attorney and ask him top draft the agreement. This is because yours is a different agreement and that's just a sample.

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