Brokers are licensed to write up standard transactions using multiple listing association forms. A seller financed deal requires teminology which the standard forms do not cover. There are a lot of moving parts in a seller financed deal. 

No two seller financed deals are alike, whether they are wrap-around deed of trust deals, assumption deals, or lease option deals.

That’s where I come in. The broker writes a draft purchase agreement and then adds this wording: “This is a good faith letter of intent at this point. It will become a binding contract after additional seller financing terms are added and clarified by a licensed attorney”. 

Then the broker should call me. We will figure out together how to get the transaction reworked and into closing.

I ran an escrow department in my law office for twenty years. I ran Deal Mortgage Corporation for four years. I am still a licensed mortgage loan officer, although my license is inactive. I still do mortgages but only commercial mortgages.

I have a varied background in real estate law and mortgage law, and so I can be a lot of help in figuring out how to put deals together and get them closed.

Feel free to call me if you think I might be able to help. I do not charge for initial inquiries.

James Robert Deal, Attorney
425-771-1110, 888-999-2022
James at James Deal dot com

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