QUESTION
I have been owner-financing a home for a little over a year now. I have spoken with the owner and she agrees to do a closing on the home with her as
Asked on Mar 18th, 2012 on Real Estate - Georgia
More details to this question:
the lien holder now that I have continously paying the rent and taxes on time for the entire time. I am trying to figure out what my best option is to making it all legal. I have done over $15,00 in home improvements that the owner knows nothing about. I want to make sure my investment is protected. What would be the best way to go about this? what questions should I be asking my lawyer in one month when I go to them? I just don''t want to get taken. The home will not have any interest on it as we are basically paying 50% more then the home is worth. ie. 99,000 when its only worth 50,000. I don''t mind doing this as I have poor credit from poor decisions (which the owner is aware). But again I want to be protected. Any ideas?
1 ANSWER
Business Law Attorney serving Atlanta, GA
at
Stout Kaiser LLC
Update Your Profile
The seller will executed a General Warranty Deed. You will execute a promissory note promising to repay the debt and you will also execute a Security Deed (also known as a Deed to Secure Debt). This gives the seller the right to foreclose on the property if you fail to make payments.
Answered on Apr 02nd, 2012 at 1:47 PM