Expert: Dick Dennis - 8/27/2009

Question
Hello, Im interested in using the seller financing. Im not real expirienced in structuring notes for properties. I have vacant land that im interested in creating notes with low monthly payment. I also have properties that im thinking using notes to close deals. Would you know of any websites where I can download the proper sample forms and contracts that I can use to structure deals? Do you think I should use a third party to do all the transactions and tax reporting? If so what types of companies handle these type of work? How does the escrow officer come into play?

Answer
Without knowing in what state you are located, Ishmell, I am not in a position to answer your questions. Every state has a different way of handling real estate transactions, although some are similar to others. Some use mortgages, some use deeds of trusts. Some use promissory notes, some incorporate the notes into the mortgages. When I know in what state these properties are located, I may be able to answer your questions. I wish you well.

Dick Dennis