ftowelding, Home Owner in Bozeman, MT

Does and owner financed real-estate transaction require establishing an escrow account and filing a deed of trust?

Asked by ftowelding, Bozeman, MT Sun Jan 12, 2014

Purchased a home using owner financing and I believe that the transaction was not handled correctly, as I cannot refinance it as there is no record of the sale and I have been told the contract I have is not proof of ownership of the property.

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Answers

2
There are a variety of ways that this sort of scenario can be set up. I would definitely suggest talking to a local real estate attorney to see what will protect you best as the Buyer. If you need some recommendations in the Bozeman area please let me know. Have a good day!

Mark Meissner
Sales Associate
ERA Landmark
406-570-9576
0 votes Thank Flag Link Mon Jan 13, 2014
No. The parties can have a Real Estate Contract (maybe you call it a Land Contract) in which the seller retains ownership until the property is paid in full.

With a note and deed of trust, then - yes. In that case, the seller deeds the property to you, you deed foreclosure rights to a trustee, and you are the actual owner of the property.

I think you need to see a lawyer.

All the best,
0 votes Thank Flag Link Sun Jan 12, 2014
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