what to look for in owner financing agreements
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what to look for in owner financing agreements

My sister and her husband were looking for a house near my house so that I could help with their newborn baby while they work. We were fortunate to find a house that was up for sale or available to rent. The owner said that he would allow them to purchase the home through him using an owner financing agreement. This made me a little nervous because I had read a few stories about people getting ripped off using this method of home buying. That is why I paid for my sister to have a real estate attorney to work with. Visit our blog to learn what to look for in owner financing agreements to protect yourself from loss.


what to look for in owner financing agreements

4 Reasons To Hire A Real Estate Attorney For Your Business

Isobel Alvarez

Choosing the right location for your company is one of the first things you will want to do. This is where you will conduct your business and work to get the customers and clients you need for success. However, it's essential to hire a legal professional to assist you with this task to avoid any significant issues that could occur otherwise. Knowing some of the top ways a business attorney can help with any real estate transaction may be helpful to you.

Reason #1: Create a purchasing agreement

You will want to be sure to have proper documentation in place if you're going to make a real estate purchase. It's necessary to state all of the details in the purchasing agreement. Some of these things include the sales price of the property and other critical terms. You will want to rely on the expertise of an attorney to ensure all of this paperwork is done correctly.

Reason #2: Make construction contracts

If you're purchasing an empty lot and need to have your facility built, this will mean working with the right construction crew. This will take a lot of time and effort to find and ensure the job is correctly done.

The key to ensuring the construction of your business goes well will rest in having a contractual agreement that lays out all of the details. It's important to avoid starting any work unless you have a contract in place, and your attorney can draw this up for you.

Reason #3: Review financial documents

Before agreeing to any terms or conditions, you should ensure these are correctly listed and you are abiding by any legal rules. Borrowing money to pay for your land or building is quite common, and working to get this done correctly will require the assistance of an attorney.

It's critical to avoid signing any paperwork until you have a professional review it for you because having a professional help will ensure your best interest is taken into consideration.

Reason #4: Assist with closing

The final step of of purchasing a property is the closing. This can be a complex task, and there is a lot of paperwork that you will need to sign. Your attorney can guide you through all of the documentation and assist you during this time.

There's nothing more exciting than starting a new business venture, and you're sure to need a lot of professional legal advice along the way. Taking the time to work closely with an attorney to guide you through the steps of your real estate transaction is sure to be to your long-term benefit.

For more information and help with legal issues, contact a law firm in your area, such as Law Offices of Bonnie M. Benson, P.A.