Risks & Considerations with Seller Financing
A seller who financed their property through seller financing is wondering if they can take a quitclaim deed back from a buyer who can no longer make payments However, this approach carries significant risks. Accepting a deed in lieu of foreclosure could trigger substantial documentary taxes, and there’s a risk of the borrower declaring bankruptcy. Additionally, other creditors might have liens on the property, and there could be code enforcement violations to address. ️ In this Ask Joe Anything episode, attorney Joe Seagle advises real estate investors to carefully calculate the documentary taxes and consider foreclosure as a more secure option. Before proceeding, it’s essential to conduct a thorough lien search and have an attorney prepare a deed in lieu package, including a solvency affidavit, to protect your interests. Watch the full episode now to learn how to safeguard your seller-financed deals! Have a question you want answered on our next Ask Joe episode? Leave a comment below! Subscribe: Don’t miss out on future episodes of our Trust This podcast —subscribe now! https://www.youtube.com/@MyLandTrustee?sub_confirmation=1 Unlock the power of land trusts to protect your assets and enhance your privacy with Land Trusts in Florida, 11th Edition by experts Mark Warda and Joe Seagle—get your copy now! https://mylandtrustee.com/book/ Next Trust This Newsletter Alert: Stay tuned for more valuable tips and updates! https://trustthis.beehiiv.com/subscribe Protect what matters most—reach out today to explore our asset protection services including estate planning, trust creation, and business structuring. Visit us at https://aspirelegal.com
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Show Notes
A seller who financed their property through seller financing is wondering if they can take a quitclaim deed back from a buyer who can no longer make payments However, this approach carries significant risks. Accepting a deed in lieu of foreclosure could trigger substantial documentary taxes, and there’s a risk of the borrower declaring bankruptcy. Additionally, other creditors might have liens on the property, and there could be code enforcement violations to address.
️ In this Ask Joe Anything episode, attorney Joe Seagle advises real estate investors to carefully calculate the documentary taxes and consider foreclosure as a more secure option. Before proceeding, it’s essential to conduct a thorough lien search and have an attorney prepare a deed in lieu package, including a solvency affidavit, to protect your interests. Watch the full episode now to learn how to safeguard your seller-financed deals!
Have a question you want answered on our next Ask Joe episode? Leave a comment below!
Subscribe: Don’t miss out on future episodes of our Trust This podcast —subscribe now! https://www.youtube.com/@MyLandTrustee?sub_confirmation=1
Unlock the power of land trusts to protect your assets and enhance your privacy with Land Trusts in Florida, 11th Edition by experts Mark Warda and Joe Seagle—get your copy now! https://mylandtrustee.com/book/
Next Trust This Newsletter Alert: Stay tuned for more valuable tips and updates! https://trustthis.beehiiv.com/subscribe
Protect what matters most—reach out today to explore our asset protection services including estate planning, trust creation, and business structuring. Visit us at https://aspirelegal.com