Legal Question in Real Estate Law in Nevada

owner financing

An acquaintance wants to sell me his house. He still owes the bank for his mortgage and wants to continue making his own monthly mortgage payments until it is paid in full. He wants to keep the title once he gets it, until I have paid him in full. He assures me that there are no liens on the home. I have no problem paying him each month, but is there any way I can protect my interests? A title search now will only tell me the current state of affairs. It doesn't stop him from taking out a second mortgage, or having a lien placed on the property. He is offering to finance with zero interest, so it really could be a good deal, if I can protect myself. Is there a way?

Asked on 1/02/08, 4:31 pm

1 Answer from Attorneys

James Smith James E. Smith Ltd.

Re: owner financing

I would suggest doing a contract for sale and then recording the executed contract with the county recorder so that everyone will be on notice of your rights to purchase title to the property.

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Answered on 1/02/08, 4:35 pm

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