Asked by Brian J. Lee, Los Angeles, CA • Fri Mar 15, 2013
The signed sales contract and escrow instructions stipulate an interest-only seller-financed purchase. Now, the seller is saying that he's just spoken to his CPA and is being told that he needs to get principal interest or it'll have serious tax implications and is a "deal breaker". I've never read anything online about there being significant tax consequences for interest-only vs. principle interest -- is this even true? Also, can he change financing terms mid-escrow?
Real Estate in Los Angeles
Popular Categories in Los Angeles
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!