Legal Question in Real Estate Law in Arkansas

Owner Finance Buyers Rights

My husband and i are purchasing our property using an owner finance program. The purchase agreement is filed at the county courthouse, but our names do not appear on the property deed. We are personally responsible for the taxes and insurance seperate from the house payments. The owner of the property signed a signature bond for one of her sons, amounting to 10% of $75,000. She owns our property andone other property accumilated value of both together being around $75,000. If he fails to appear in court, can they hold her responsible for the full bond amount, and will thisput our property in jepardy. Can the athorities seize all her real property for payment if she does not have a letter of credit amounting to the $75,000. Any help on this will be greatly appreciated. Thank You


Asked on 2/04/03, 11:09 am

1 Answer from Attorneys
Richard Orintas Orintas Law Firm

Re: Owner Finance Buyers Rights

It appears from your question that your may have what we call in Arkansas a "Executory Contract" i.e. you will not own the property until your completely pay for it. I cannot be sure it is same until I see the Agreement your signed. In the event that it is an Executory Contract, your equitable ownership in the property may be at risk because of the Bond....

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Answered on 2/04/03, 3:38 pm


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