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An owner-financing deal should be facilitated through a promissory note. The promissory note outlines the service finance company login of the arrangement, including but not limited to the interest rate, repayment schedule, and the consequences of default. The owner also typically keeps the property title until all the payments have been made to protect himself against default. Some do-it-yourself transactions can be fully managed by the owner, but assistance service finance company login an attorney is generally click at this page to ensure all of the bases are covered.
Yes, owner financing can be used for commercial properties as well. It offers similar benefits to both buyers and sellers in the commercial real estate market.