L D Holt &

Associates PC

251.937.4111

 

Call 8:00 a.m. through 5:00 p.m.

Monday through Thursday

Special Appointments Available

 

 

 

              Visa / MasterCard

 

You Could Be Fined For Financing the Sale of 

Your OWN Property!

 

 


ALERT!

 
ALERT!

 
ALERT!

It may be illegal

 
under Alabama law

 
for you to sell and finance

 
the sale of

 
your own real property.

The Alabama

Secure and Fair Enforcement for

Mortgage Licensing Act

of 2009

 

The Act states, "In general. An individual . . . . . shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license under this chapter. Each licensed mortgage loan originator must register with and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry." (Section 5-26-4, Code of Alabama, 1975).

 

This law means that, with certain defined exceptions, you cannot sell your own property under an agreement by which you finance part or all of the purchase price. To determine whether you may legally sell and finance your property, consult an attorney competent in this area of the law.

Our law firm understands the difficulties of the present real estate market. We understand that extraordinary situations demand extraordinary answers. If you have real property you need to sell and you wish to finance part or all of the purchase, call our office BEFORE you offer to finance the sale of your property to anyone.

 

 

We understand. We can help.