Legal Question in Real Estate Law in Texas
Financing Vacant Land
Hello,
I have several 1 acre vacant lots in Texas the I want to sell them on eBay. I am going to be financing the lots to my buyers. I am not sure what the best way to do this is, but I have heard deeding the land via a warranty deed, along with a deed of trust to make forclosure simple in the event of a default by the buyer, is a good way to go. The land I am selling is largely inexpensive land, so if a buyer does not keep up with the payments, I would want forclosure to be fast and very cheap. I have also heard that I could record a contract for purchase that specifies the financing agreement. I want to legitimize the sale of the land to my buyers to make them feel secure, thus getting more sales. I just want to know the best way to do this in a legal sense, and in a cost effective sense as well. What is the process to forclose if I do a deed of trust on the property. Also, do I need to do a deed of trust, and a warranty deed at the same time? Any help would be appreicated. Thank you.
Greg
1 Answer from Attorneys
Re: Financing Vacant Land
Unfortunately I make a bit of money straightening out botched ebay transactions. However, the concept is great when it works. It is clear you don't quite have a gresp on the mechanics necessary. It is much less expensive to get it right the first time. I will gladly provide a free initial consultation to explain the process so you can understand all of the steps that should be involved to protect your interests.
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