FAQ: Frequently Asked Questions
- What is seller financing?
The seller agress to be paid all or part of their equity plus interest over time from the buyer.
- Who collects the payments?
An impartial party called an escrow company (Rocky Mountain Escrow) receives the payments from the buyer, properly credits principal and interest, then sends payments to the seller.
- What documents are necessary?
Real Estate Contract containing all terms and conditions that the buyer and seller have negotiated, Executive Escrow Instructions by both buyer and seller, Promissory Note, Deed of Trust, and W-9.
- What happens if the buyer doesn't pay?
The seller may request Rocky Mountain Escrow send a demand letter or have an attorney send a letter. These letter are usually sent out after payment is at lease 15 days past due. The letter usually allows 30 days to make payment before the seller may take property back.
- Who pays fees?
This is negotiable. The buyer may pay all, the seller may pay all, or the fees may be split between the parties.
- How much are the fees?
Click here to visit our fee schedule.