You can FILL out the deed when they move in; however, they don't get the deed until they cash you out, and that comes when they refinance. From there, they would go down and record the deed.
When we owner finance, we have a closing and our attorney holds all of the documents (deed included) in escrow until our buyer pays us off or refis the loan and cashes us out.
Until the payoff, they have equitable title and we continue to hold legal title.
nebulousd, instructed you correctly, in CA the deed is held in escrow, at a title company, loan servicing company or in your desk drawer until your buyer fulfills the terms of his contract.
Is there an echo in here? You shouldn't care how it is done anywhere else this is the way it can be done in CA.
You can FILL out the deed when they move in; however, they don't get the deed until they cash you out, and that comes when they refinance. From there, they would go down and record the deed.
When we owner finance, we have a closing and our attorney holds all of the documents (deed included) in escrow until our buyer pays us off or refis the loan and cashes us out.
Until the payoff, they have equitable title and we continue to hold legal title.
William Tingle
WilliamGA
reibyme,
nebulousd, instructed you correctly, in CA the deed is held in escrow, at a title company, loan servicing company or in your desk drawer until your buyer fulfills the terms of his contract.
Is there an echo in here? You shouldn't care how it is done anywhere else this is the way it can be done in CA.
Been there and done it.
John $Cash$ Locke