Seller Financing and Impact of Dodd-Frank
If you are providing seller financing in connection with the sale of a home you must be aware of new federal regulations under the Dodd-Frank Act, which was enacted in response to lending practices in the residential mortgage market. While many are under the impression that Dodd-Frank only applies to institutional lenders, its net encompasses many seller financed transactions as well. The statute and regulations apply only to residential property. But this includes traditional houses as well as mobile homes and manufactured homes.
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Are you regulated by Dodd-Frank? Surprisingly, yes, unless you fit within one of two narrow exemptions, being the one property and three property exemptions. If you sell only one residential property with seller financing during a 12 month period, you might be exempt if you did not build the property, meet certain conditions and do not own it through a corporate entity.
If you sell 3 or less residential properties per year with seller financing during a 12 month period, you will be exempt only if you did not build the residence, meet certain conditions and there is no balloon payment. Even if you are exempt, you may need to address the certain requirements under the statute and regulations. You may need to investigate whether the buyer can afford their payment obligations (including any balloon payment) and comply with certain other requirements.
Failure to comply with Dodd-Frank, may give the buyer an opportunity to cancel the transaction and get their money back. These increased regulations mean it is more important than ever to get competent advice from legal counsel knowledgeable about seller financing. Please call today to schedule your free consultation to speak with a Hennen Law, PLLC partner about all your seller financing and general legal needs.