Thank you for your contact.
I love your business logo: "Creative People With Creative Solutions." Cross my hands to pray for our poeple's expectation toward Obama's hope, right before his inauguration. May God give him the wisdom to deal with the current economic hardship, even I don't see it so far. Sometimes, high-ranking politicians don't know nothing about the basic and simple economic practice and mess it up all the way wrong. Don't blame them since we don't see too many people like Adam Smith, Karl Marx, and John Maynard Keynes in our human history.
I am a very creative person and do business on the basics. In 2004, I sold out all my real estate holdings in California and I decided to give myself a retirement. It has been 5 years since I last worked. In mid-1990, I saw an excellent opportunity in making money in real estate. Now it is an once-in-a-life time that the boat is coming back and approching your port for you to make a lot of money in real estate.
A lot of opportunity are waiting for us to explore if you are creative enough and have the knowledge to see them. However, I fully understand not too many people can see it. It is just our human nature or inertia to sit there seeing the boat departing again. We don't want to be left alone and naturally follow "herd mentality" to play safe. Even now I can see a lot of properties are so cheap in California that housing price goes back to 1993, still few people can buy them due to our financial sector's current overreaction to subprime loans and option loans. It seems a catch-22 situation exists that has created a vicious circle effect to our economy, under the blindness of our bureaucrats.
Well, I don't assume anything when I do business. We have our freedom to write up a legal contract within the law. Using my education in legal science and actual expertise on real estate in which I taught California real estae laws to those licence applicants when I run my brokerage and appraisal firm in SoCal, I still have the liberty to do the two options given by Texas laws: 1) to declare a "forfeiture" and not go thru a non-judicial foreclosure which takes a shorter way to take my property back under the guideline of Texas laws; or 2) go for a non-judicial foreclosure, soley at my discretion.
In fact as you assumed, I did use a California Land Contract form as my draft or outline; and combined my knowledge on Texas Property laws (it is so different from CA. A Texan landlord may have the right to cut off his tenant's utility, don't you dare to do that in CA? You will be heading for jail as soon as you've it done in CA.) to write up the Land contract involved in this transaction. Maybe you are right about my usage of TD and NOTE to secure my sale, but I reserve the right to declare "forfeiture" as a car repo; and also, I stay as the legal owner until the loan is paid off and my Vendee has his right as an "equitable owner."
Enclosed herewith is a copy of the Land Contract I got from a county recorder clerk, for your reference. (Here you can see my creativity. Yes, people use street address or mail box, since when you see a recorded deed using an email address? Who says we can't use it in internet age? See the clerk contact me by it, right?) I also took the liberty to do all the paper works to complete the transaction without any title company or escrow involved. My buyer appreciated what I did to save transaction fees of thousands of dollars. All my buyer paid is just $52 to record the needed deeds by laws ( in addition, my buyer paid $707 of preminm to my State farm agent for home owner and lien holder insurance.)
Who says we need those middleman's service? Please feel free to contact me if you have any question about the Land Contract or Note.
VERY CAUTIOUS NOTE: Please don't do all I did if you are just functioning as an agent in a transaction. As a seller, I am a principal who has the constitutional right and freedomm to write up his contracts. But as an agent, you may run into a WRONGFULLY PRACTICING the law. Certainly, there is a way to by-pass it if you do "paralegal" service. But check your state law or regulations if you would like to provide the FULL SERVICE as an agent.