Acquiring property with seller financing · LetsGetFunded Starter (Free)

Acquiring property with seller financing

Hello!

So I have a special situation.

I have been fixing my personal credit and I am looking at opening/starting up a few LLCs and seeking funding.

The special situation comes in when I am looking to acquire my family's small farm. There is a complication with my Dad getting a divorce and unable to refinance.

So- my current plan to to acquire close to $112K to pay my mother's equity in the house and then take over the remaining mortgage (~$102k).

Since I am new to this- if I do a seller fiance contract are we able to change the name on the house to my business?

Part of the stipulation is that her name is removed from the mortgage.

So long story into one question.

When you acquire a property under seller financing does the property/mortgage transfer to your business therefore removing the previous owners names or is that only once you fulfill the payout of the seller contract/pay off the remainder of the mortgage to the bank?

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