Posted on: 22nd Nov, 2010 10:33 pm
i am buying a condo, owner will hold mortgage w/o interest,i will put down payment and pay property over 3 years. i will not live in house. owner will remain in condo as tenant.
hi,
sign a quit claim deed & remove his name from property deed & keep only yours then refinance mortgage to you & pay off remaining amount of mortgage. then you will be sole owner of condo.
thanks & regards.
gunz.ijjistaff :lol: :lol: :lol:
sign a quit claim deed & remove his name from property deed & keep only yours then refinance mortgage to you & pay off remaining amount of mortgage. then you will be sole owner of condo.
thanks & regards.
gunz.ijjistaff :lol: :lol: :lol:
I don't think Gunz is correct.
I guess you're speaking about the owner financing option. The owner will finance the mortgage and stay in the property as a tenant. In such a situation, it will be better if both of you can contact an attorney and get a owner financing agreement drafted from him. This agreement will mention the terms and conditions of the deal.
I guess you're speaking about the owner financing option. The owner will finance the mortgage and stay in the property as a tenant. In such a situation, it will be better if both of you can contact an attorney and get a owner financing agreement drafted from him. This agreement will mention the terms and conditions of the deal.
