Owner financing - Who owns the property?
I owner financed a property for a buyer. I left some of my personal items on the property until I was able to pick them up, I informed him that I would pick them up when I had the chance. I emailed the buyer and told him that I was going to have someone drive up there and pick it all up this coming week. I received an answer back from him saying that if "I or anyone else goes on the property that he will have me / us arrested and charged with criminal tresspassing and theft. He has not paid off the property and still has quite some time to go before paying it off. Tecnically I feel that I still own it until it's paid off in full.
My question, I live in the state of Maine and I don't believe he has the right to say I can't pick up my items.
ADDITIONAL DETAILS: I should have mentioned in the original post that I still hold the deed until the buyer pays off the property in full.
- StuLv 59 years agoFavorite Answer
Although I can't speak specifically for Maine, typically, the named title holder will be the recognized owner, although if the buyer has a contract, he will have an ownership interest. Forget who the owner of the property is, at least as far as your "stuff" goes, It's probably not relevant. If it's your stuff, and the buyer agreed to store it for you until you could retrieve it, it's your stuff and he'll have to allow access to it. Otherwise, it may be considered stolen property.
- kyleLv 49 years ago
He has equitable title to the property and is the owner. Hopefully it was writtwn down and clear that you had certain items that were not included in the sale and that you could pick them up at a certain time.
Did you have this transaction done with a laywer or title company and did you have it properly recorded? As soon as you sold it to him, it is his. You hold a note with a lien on the property. You can get the property back if he fails to homor the contract in which case you would have to foreclose.
- SlickterpLv 79 years ago
Whose name is on the title? Yours still I would assume. So you still own it.
That said, a financed property does NOT work the same as a rented property, and you very well may not have the right to go onto the property. READ the contracts.
Try asking him why he finds it unacceptable that you get your stuff.
- Anonymous4 years ago
they could should be paid off to substantiate that you to promote them with proprietor financing. if you're drained of being a landlord and are waiting to get major down funds it could be a reasonable thanks to proceed with a month-to-month income if it is your purpose. The draw decrease back will be that in case you want funds move at a later time you may ought to cheap the loans appreciably with the intention to promote them. also you may want to envision consisting of your taxman to be certain at the same time as the capital positive houses taxes will be due(at time of sale or month-to-month once you get carry of funds) as that would eat up the down fee money.
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- DavidLv 69 years ago
Who's name is on the deed? That is who owns the property.