Legal Question in Real Estate Law in Pennsylvania
We are looking into buying a home that is completely owner financed. The home is a complete remodel and we will be unable to occupy the residents until certain things are completed. Such as wiring and plumbing. The terms the owners have layed out so far are as follows: we would pay $200 a month at 5% percent interest for 3 years at which time we would make a balloon payment to pay off the house. Legally what are the most important things we should know before entering into this contract?? Who pays for what??
1 Answer from Attorneys
You shouldn't enter into an agreement that involves construction or completion of essential components, plus financing from the seller, without having your own lawyer. You could be paying money and never receiving the home, the home could have substantial flaws, the amounts you say don't seem to make any sense. You certainly don't want to and should not move into an incomplete home. A lawyer could guide you through all of the issues and make sure that your interests are properly protected.
Once you sign an agreement, you are legally obligated to follow it. Therefore, please get your own lawyer before you sign anything.
This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.
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