On this Q&A Thursday, Chris reviews another question asked by one of our Associates about the language on our Owner Financing Contract. Wondering what contract he’s referring to? Check out the video, but more importantly, make sure to purchase our QLS Home Study Program to gain access to all these amazing resources! Visit getQLS.com for more information! #realestate #realestateinvesting #smartrealestatecoach #SREC #wickedsmartcommunity
Hey there wicked smack community it is chris pre with smartrealestatecoach.com we’ve got another q a thursday for you uh continue to get cool questions uh from the associates in from you in the community so keep them coming for you they want to go ahead and help you out this one says chris i see you updated the owner financing contract with this language
Now before i read the language guys if you’re not in the qls home study course you you’re not seeing this contract all of our contracts all of our forms a lot of checklists everything are in module 11. we added that new mod to keep all of this there and guess what they’re current there’s a lot of changes going on with cobit a lot of things happening in the
Legal in the process and in the buyer and seller world in general stay plugged in get yourself qos go to get qls.com sidenote okay the language he said now it wasn’t actually updated but but he’s catching for the first time it says balance of said if this is a seller financing language in the person sales balance of said seller financing shall check a box be
Do on sale the property or check a box not be doing the sale of the property he said when we send out a contract should we still check the box not to unseal or should we check due on sale what’s the exact reason for this being in there here’s the deal guys when i’m buying a let’s say i’m buying your home you’re my seller and you’re holding paper i’m going
To make monthly principal payments to you or whatever type of payments i’m making there’s a clause that he’s referring to that lets you check off the the if i sell the property the note the underlying note that i’m giving back to seller is due on sale just like a bank it pre-writes into their contracts or not due on sale what i prefer to have not do on sale
For flexibility for reasons of me trying to sell the property to a tenant buyer instead of having them as a tenant buyer if they have more of a deposit yes however if and so you have more flexibility it’s like you have ways to wiggle now if you have a short term four years is considered to be short now we’re pushing five seven 10 by building that we bought as
A company is 20 okay so if you have short terms is it likely that you’re going to turn around and sell that to a tenant buyer and increase their status to a buyer i i don’t think so but again it does offer flexibility in the contract that you could sell like you literally could sell it uh a day later uh flip it you could sell it a year and one day later so you
Don’t get short-term capital gains all kinds of things you could do now what’s reality reality is if i’m the seller my attorney’s not going to let you put in they’re not do on sale they’re just not their relationship is with you so really would depend if they have an attorney or depend on how long your term is and what you’re trying to do with the exit most of
Our properties we stay in we we will sell our financial property to a buyer when we have a sub two house because there’s no clock ticking but on these deals that they’re only like four and five years it’s not likely but again it would offer some flexibility so just a thought if you have other questions on this go ahead and jot them wherever you’re listening to
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Transcribed from video
Get the Lowdown on Our Owner Financing Contract By Smart Real Estate Coach
