What are my options for sub-leasing my property?

I own the house, but I am still making payments on it and had to move due to a job change. I have someone interested in buying it but wnat me to do an owner finance for the first year.

Asked on August 20, 2012 under Real Estate Law, North Carolina


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Please, please please, go and speak with an attorney on this matter.  They want you to hold the mortgage - which is fine if you agree - but how the deal is structured is what you need to work out.  So you are only holding it for a year and then what?  It becomes due?  How would that work in terms of payments?  At what interest rate? It can only be legal is done in writing and you need help with that.  Good luck. 

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