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A seller can negotiate an interest rate that the buyer will pay them that is more favorable than would be available for other sorts of investments. Furthermore, seller financing can provide some tax benefits by spreading out a large gain over time check with your accountant or CPA. If the seller structures the loan as an installment sale, there can be certain tax advantages to the seller as well in terms of the timing of recognition on the capital gain. The seller would need to discuss the details with a tax advisor. Seller financing can be used to pay for a property either in full or in part. The terms of a full loan look similar to those of a conventional loan; however, a seller has a great deal of freedom in setting the terms, such as the interest rate and the duration of the payment period. For instance, a seller might wish to provide owner financing as a short term arrangement of five years, after which the borrower is expected to refinance the loan, presumably with conventional financing. While sellers can be more flexible than banks in considering prospective buyers, they should nevertheless think like a bank when reviewing potential buyers. Examining documents and reports such as tax paperwork, proof of employment and credit history is prudent in determining a buyer's ability to pay off the loan. A seller who provides owner financing will need to get the mortgage recorded in accordance with the specific execution and acknowledgement requirements of the State of Texas. Sellers should also work with a title insurance company to perform a title search and purchase title insurance to secure the right priority for the mortgage.
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