Hi Everyone:
I am hoping to learn some useful info here regarding vendor finance.
I have a residential property in Victoria which I am interested in selling. I have received an offer on the property, which involves vendor finance. The potential buyer is offering 80% of the purchase price & the rest over two years.
I don’t know where to begin. Where might I seek advice on this one? Just how does vendor finance work? What are the risks?
Links to any related resources would be much appreciated,
Thanks!
You will essentially be lending the buy the 20%. You will need legal advice on the terms of the agreement.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
What you can do is to negotiate with the buyer on all the terms&condition and price.
Once both of you agrees on thing(s) put down in writing, then use it as a draft to form a formal legal agreement by a solicitor.
Make sure your contract is done by a solicitor who has experience in vendor finance.
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