Getting in touch with a real estate lawyer from Farah Law Firm is the first step in giving you the asset protection you need. Don’t discover the value of such services after the fact.
Since the mortgage crisis that took place in 2009, it can be quite difficult to purchase a new home or sell your existing home or property in the Dallas-Fort Worth area. Due to new government regulations affecting the mortgage industry, even people with good credit sometimes have to deal with higher interest rates and even bigger down payments. But those with lower credit scores are almost always faced with the extremely high interest rates that come with getting a subprime loan, which is generally the only option for people with low credit scores. As a result of the regulations and stricter policies implemented by financial institutions, owner financing has become a popular alternative for the many people who fail to qualify for traditional financing.
Before you can make a real estate owner financing transaction with a potential buyer, it might be a good idea for you to provide a loan application. The Farah Real Estate Law Firm can help you create such a loan document for your real estate owner financing transaction. Loan applications are for your own protection and can help you make a wise decision.
When working with your real estate attorney to draft the terms of the loan, it is important to consider the amount and implications associated with the down payment. A down payment is critical, since it can lower the risk of losing a large amount of money. In addition, the initial investment ensures that the buyer will be more committed to maintaining and keeping the home in good condition. In order to negotiate the best price for your needs, it’s best to rely on our real estate lawyers, who know the intricacies of owner financing contracts.
*Please note: Due to the costs involved and the favorability of land in Texas per contract and common law, we currently are not accepting residential tenant defense cases.