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Owner financing real estate

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J

jram

Guest
Is it legal in the state of Texas to owner finance real estate that has an outstanding mortgage on it?
 


HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by jram:
Is it legal in the state of Texas to owner finance real estate that has an outstanding mortgage on it?<HR></BLOCKQUOTE>

Yes and it would be called a second mortgage. One way is via a purchase money second and another way is via a land sales contract or contract for deed.

[This message has been edited by HomeGuru (edited October 31, 2000).]
 
D

David J. Miller

Guest
The seller should check the terms of the note. Sometimes this sort of thing could trigger a due-on-sale clause if there is a conveyance of title. In general though, HG is correct.
 

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