While you should always work with a qualified real estate law firm for any real estate transaction, there is even more reason to if you have a specialty situation that requires one with experience in unique situations. It is commonly thought that only buyers that do not qualify for traditional financing options would be interested in innovative financing opportunities. The reality is that anyone that needs to close quickly or grow their investment portfolio at a quicker pace could benefit by understanding specialty options that they should trust to a qualified real estate law firm. Here are a few to consider:
- Contracts for deed- This type of transaction lets you make regular payments to the seller until you can pay off the balance. The seller keeps legal title to the property until you do, but you’ll have the property locked down so it cannot be sold to someone else.
- Seller financing- Rather than work with a traditional lender, the seller becomes the lender by recording a mortgage on the property and signing a contract outlining the payment terms and other parts of the agreement.
- Lease-to-buy agreement- With this type of agreement, you are a tenant with an option to purchase. You would need to follow the requirements outlined in a standard lease agreement, but you would have a set period of time to purchase the home. It is not uncommon for the agreement to apply a portion of the rent to the purchase price and also to have a down payment incorporated.
- Subject to- In this situation, you are working with a seller that is not paying off their existing mortgage. You’d be paying the seller who would make the mortgage payments. This is not a common option, but can be beneficial if the seller has a lower interest rate than what you could obtain.
These are just a few of the special situations that we can help you with here at Innovative Closing Solutions. As a qualified real estate law firm serving Greensboro and Winston-Salem, North Carolina, we are happy to help you with the solutions that will enable you to enjoy a successful real estate transaction. Call today to learn more.