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Owner financing — also known as creative financing, a purchase money mortgage or seller financing —is an arrangement in which the home seller provides some or all of the financing directly to ...
The legal status of land contracts varies between jurisdictions. [vague] Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract. In the usual more conventional real estate contracts, a seller does not provide a loan to the ...
In order to be effectual, security deeds must be recorded in the county of Georgia within which the land is located. Although there is no specific time within which such deeds must be filed, the failure to timely record the deed to secure debt may affect priority and therefore the ability to enforce the debt against the subject property. [27]
Seller financing contracts are subject to fewer consumer protections than mortgage loans in most states. While seller financing can provide a unique way for people with low credit scores to obtain a path to home ownership, they are considered predatory by groups such as the Center for American Progress. In addition, some investment firms have ...
Therefore, persons dealing with the owner of the title to the property risk having their interests unexpectedly subject to mechanic's liens of which they had no knowledge. Special provisions are made in some states for determining the priority between a mechanic's lien and the lien of a mortgage that is financing the construction on the land.
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