Legal Question in Real Estate Law in Arizona

Hi, there are several issues that should be determined but which are not clear in your facts. If your property is a significant asset of your net worth, however, you may wish to retain counsel to assure that the transaction is properly handled. As the saying goes, penny wise, pound foolish; curing a problem is much more expensive than preventing one.

Lance S. Davidson, PC

www.CleverLegal.com; 480-860-9390

Disclaimer: This answer does not create an attorney-client relationship and is for informational purposes only. It is not, nor is it intended to be, legal advice and you should not rely upon it as more specificity in a consultation may reveal facts or other information which could change the result. You should consult an attorney for legal advice addressed to your individual situation.

The answer to your question depends upon the details of the transaction. First, you should have a contract for the sale and purchase of your home. It is customary for the buyer to sign a promissory note for the amount you are financing as the "mortgage holder" and that note should be collateralized by a lien against the property or a deed of trust. All of these documents must be properly drafted, executed and recorded in order to protect your interests. Be Aware, these are not simple documents and do require legal expertise and advice. Selling your house to avoid a real estate commission is one thing, but selling your house without a purchase contract, escrow, and the financing documents, is not recommended and may result in more cost than you ever imagined possible.

Disclaimer: This answer does not create an attorney-client relationship and is for informational purposes only. It is not, nor is it intended to be, legal advice and you should not rely upon it as more specificity in a consultation may reveal facts or other information which could change the result. You should consult an attorney for legal advice addressed to your individual situation..