What contracts do I prepare vs what will title company prepare?
Hey everyone! Long time, no see! We've been busy having babies, and it's been a long time since we've been on the forum. We're finally getting back to investing, and have a deal ready to go. It's a FSBO, we are the buyers, with Seller carrying for a year. I'm preparing the documents, although seller wants to purchase title insurance and he will either have a real estate agent friend of his, or an attorney, look at whatever I prepare.
I *think* I understand what we need (we're in Oregon), but I have a couple of questions.
We will present the Seller an official "Offer to Purchase" tomorrow, with earnest money, and anticipate that we'll both sign it.
I will also give him a Contract for Sale and Purchase of Real Estate, which outlines the details of the property, the sale, and the financial arrangements. It specifies that there will be Seller Financing on a Promissory Note, which shall be secured with a mortgage lien. It also specifies that title shall be conveyed by Warranty Deed and that there will be a Certificate of Title prepared by a title company.
I have a sample Promissory Note, but I don't like it. The terms seem to be heavily in the Sellers favor, and I think they will contradict with oregon law on mortgages and foreclosure. But, I am pretty sure that *I* prepare the Promissory Note myself.
I am clueless as to whether the Contract for Sale and Purchase acts as the "mortgage document" or if that is a separate document that I need to prepare and have ready for the title company. Or if it's something they typically prepare.
And I'm unsure if there is anything else I need to have prepared at this time. I know that upon payoff, I'll need to prepare a Satisfaction of Mortgage, have it signed, and recorded with the county.
So, I'm looking for any experienced "closers" in Oregon who can tell me which, if any, documents I still need to prepare.
Of course, I'm meeting with Seller tomorrow afternoon, LOL!
Hey everyone! Long time, no see! We've been busy having babies, and it's been a long time since we've been on the forum. We're finally getting back to investing, and have a deal ready to go. It's a FSBO, we are the buyers, with Seller carrying for a year. I'm preparing the documents, although seller wants to purchase title insurance and he will either have a real estate agent friend of his, or an attorney, look at whatever I prepare.
I *think* I understand what we need (we're in Oregon), but I have a couple of questions.
We will present the Seller an official "Offer to Purchase" tomorrow, with earnest money, and anticipate that we'll both sign it.
I will also give him a Contract for Sale and Purchase of Real Estate, which outlines the details of the property, the sale, and the financial arrangements. It specifies that there will be Seller Financing on a Promissory Note, which shall be secured with a mortgage lien. It also specifies that title shall be conveyed by Warranty Deed and that there will be a Certificate of Title prepared by a title company.
I have a sample Promissory Note, but I don't like it. The terms seem to be heavily in the Sellers favor, and I think they will contradict with oregon law on mortgages and foreclosure. But, I am pretty sure that *I* prepare the Promissory Note myself.
I am clueless as to whether the Contract for Sale and Purchase acts as the "mortgage document" or if that is a separate document that I need to prepare and have ready for the title company. Or if it's something they typically prepare.
And I'm unsure if there is anything else I need to have prepared at this time. I know that upon payoff, I'll need to prepare a Satisfaction of Mortgage, have it signed, and recorded with the county.
So, I'm looking for any experienced "closers" in Oregon who can tell me which, if any, documents I still need to prepare.
Of course, I'm meeting with Seller tomorrow afternoon, LOL!
Thanks guys!! Missed you all!!
Mouse Bandit
aka Tracey in Oregon