Legal Question in Real Estate Law in Maryland
Seller Financing
I am selling one of my investment properties that I own free and clear with no mortgage to the current tenant and I am doing seller financing (No mortgage at all the tenant is paying me back with a monthly payment) What legal forms do I need to complete to make this transaction binding with the state and who do I take them to?
Asked on 11/17/06, 5:47 pm
1 Answer from Attorneys
Robert Sher
Wagshal and Sher
Re: Seller Financing
You need a deed of conveyance, a promissory note and a deed of trust (mortgage) among others. You also might want to require the purchaser to obtain title insurance, even though you are the seller. You would be well advised to consult a real estate attorney who is skilled in properly preparing documents to protect your investment.
Answered on 11/30/06, 12:34 pm
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