What are the steps involved in an Owner Financed Home Purchase?
Every sale of real estate requires that the original intent of the parties be carefully defined. The negotiation process establishes the price of the sale, the expected condition of the property, and any other considerations important to the parties. The document that sets out this agreement is called the Purchase and Sale Agreement, or Earnest Money Agreement. In most states, this document is so basic to the process that an escrow closer cannot proceed until all sellers and buyers of the property have signed the “P&S” in agreement. This document, typically made up of a “boilerplate” with addenda, is best executed with the help of a qualified real estate professional. In the event of a later dispute or a document that differs from the Purchase and Sale Agreement, it is generally held that the original intent of the parties is controlling. Any deviation from the P & S during the closing, or later, can be done only with the agreement of every party to the transaction. Once everyone has a
