Owner Finance Situation In TEXAS - Need Advice
I have a situation with a house of mine that I am trying to get some advice.
I bought a property and fixed it up and refinanced it. After I fixed up the property I advertised it for owner finance and found a buyer very quickly. I thought I would have had the property refinanced before i found a buyer but it happened very quickly.
In order to get them in the house and collect money as soon as possible i went ahead and got started. I filled out the paperwork (Deed of trust, promisorry note, etc.), collected a down payment and let them move in. I disclosed my situation to them and told them that as soon as I was done refinancing we would sit down and redo the paperwork (tear up the old copy) with a date proceeding my refi.
Since my refi. I have deeded the property over to a trust and I plan on assigning the trust to the new buyers. They will now have title to the property with their name not anywhere on public record, avoiding the Due on Sales clause (by the way i already got permission from my lender to put the proeprty in a trust).
MY QUESTION - Is it even necessary to redo the deed of trust, promissory note, etc... from my new buyers since the property now has new closing paperwork (deed, deed of trust, promisorry note) from the refi., or can I use the same deed of trust and promissory note that i created with my buyer in the first place before I refinanced the property? Nothing has been recorded yet.
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