We are doing a owner finance. What is the going interest rate for this tiype of transaction? And the Proper Forms to accomplich this?

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We are doing a owner finance. What is the going interest rate for this tiype of transaction? And the Proper Forms to accomplich this?

Asked on June 10, 2009 under Real Estate Law, Georgia

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 14 years ago | Contributor

This is not something you can have responded to herein.  You need to review prevailing bank rates.  Contact your state's Dept of Banking or Financial Institutions (http://dbf.georgia.gov/02/dbf/home/0,2477,43414745,00.html;jsessionid=23EE20E02E56CF554E61AF553A471D42)

and see if there are prevailing list available to you. 

In terms of proper forms for owner financing -- you need to review your state's Dept of Real Estate for purchase and sales forms, and in terms of the mortgage itself, again contact your state's dept of banking.  You may also wish to contact a real estate attorney.  Try www.attorneypages.com.

Forms are different - many have the same boilerplate provisions but unless you absolutely know what you are doing, it may be better to consult with a professional one on one.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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