Selling a home with owner financing - can I avoid closing costs? (Posted on 7/31/12 at 11:10 am)
I (read as my parents) bought a house several years back which I no longer live in. We are now selling the place to a long-time family friend and are going to do owner financing. We are essentially giving the guy an interest free loan for ten (10) years until the home is paid off, but we want it to be in the form of a mortgage so that the house still acts as collateral. As a family friend, he does not care about getting a home inspection, title search (we just had one done when we bought the place) etc. If I just draft up a mortgage agreement between us, have it notarized and signed by two witnesses and file in at the clerks office, is there any reason why either party would have to pay any closing costs, or can we simply avoid them all together. I'll hang up and listen.
re: Selling a home with owner financing - can I avoid closing costs? (Posted on 7/31/12 at 1:00 pm to Blackbeard)
I'm an attorney (although I don't do title work) which is why I was going to try to do the work myself. If I run into any problems, I have a couple of colleagues that I can chat with. I appreciate the feedback. Thanks for everyone's input.