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Wrap-Around Seller-Finance Agreements with Escrowed Payments

The following documents are typical closing documents for a wrap-around seller-finance agreement with escrowed payments.

Contract for Sale of Real Property. The contract is a framework for the entire transaction among the parties and identifies the obligations of each party. This instrument should be signed and dated by all buyers and sellers, and each party should receive a xerographic copy of the executed contract.
General Warranty Deed with Vendor’s Lien In Favor of Third Party. The deed is the conveyance document that transfers title in the property from the seller to the buyer. The deed must be signed by all sellers, and the notarized original should be filed in the real property records in the office of the county clerk in the county in which the property is located. The original copy of the deed will be automatically returned to the designated buyer by mail within one to three weeks.
Wrap-Around Promissory Note. The promissory note is the primary loan document signed only by the buyer that describes the terms of the seller-finance loan and the buyer’s/borrower’s obligations for making loan payments. The promissory note is a private agreement between the parties and is not filed in any public records. Therefore, it does not need to be notarized. The original copy of the promissory note should be kept by a designated seller and xerographic copies made for all other parties.
Wrap-Around Deed of Trust. The deed of trust is a loan document that grants a security interest in the conveyed property to the seller. This instrument identifies the obligations of the buyer and defines the events of default that will allow the seller to foreclose on the property should the buyer default. The deed of trust must be executed by all buyers, and the notarized original should be filed in the real property records in the office of the county clerk in the county in which the property is located. The original copy of the deed of trust will be automatically returned to the designated seller by mail within one to three weeks.
TREC Form OP-H Seller’s Disclosure Notice. Chapter 5.008 of the Texas Property Code requires that all sellers execute a Seller’s Disclosure Notice unless a specific exception applies. All sellers are required to deliver an executed copy of this notice to the buyer(s) within seven (7) days of the execution of the contract, but we recommend delivering the notice with the contract is signed by the seller(s). Sellers are advised to truthfully disclose all known defects about which the disclosure notice inquires.

Escrowed Taxes and Insurance

If the seller’s underlying monthly loan payments include escrowed property tax and insurance payments, the contract should pass those escrowed payments on to the buyer. Because escrowed property tax and insurance payments are not a part of the loan, those escrowed amounts are not included in the monthly payment amount described in the loan documents. Therefore, it is the seller’s responsibility to inform the buyer of the amount of monthly escrowed payments that will be added to the monthly loan payment. The seller should also promptly notify the buyer when the amount of the required monthly escrow payment changes (i.e., when property taxes increase or the insurance policy or premium amount changes).

Our real estate attorneys have experience advising clients in seller-finance matters and preparing all necessary documents in complex seller-finance transactions. If you need an attorney to prepare a seller finance package or require consultation and guidance concerning a potential sale, call us at 713-454-7875 or email us your concerns.

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Real Estate Law

Awards & Recognition

I have used Mr. Weaver on two occasions. The first case was a rather complicated financial real estate deal gone bad with a former partner. Through his dedication, he accomplished my primary goal and my secondary goal. He took my case to trial and won. I recommend him to all of those who need representation on such issues. Additionally, he also was a kind and understanding individual.

Latigo
Houston, Texas

When my husband and I decided to expand our business and create a new charity organization in Houston, we sought out an attorney who was not only professional, knowledgeable, and timely, but also personable and accessible. Attorney Richard Weaver has exceeded our expectations in all of the categories that were important to us. It is so refreshing to have someone who listens and gives honest advice on how to conduct our business and personal affairs. Mr. Weaver has been with us every step of the way. He was there with us in the beginning stages and gave us advice on everything from becoming incorporated to website content! I love his attention to detail and ability to listen. When my father passed away in 2010, he was right there to walk us through the probate of his will. I felt an immediate ease once I placed those documents in Richard's hands because I knew he'd take care of it all. In all, we will be clients of Richard's for life because we never think twice of who we need to call when we need legal advice and/or services. We consider him a part of both our business and family because he has proven to be trustworthy and dependable. Thanks so much Richard for being more that we could've ever hoped for in an attorney!

Rodney Hampton (Super Bowl Champion, Former New York Giants Running Back)
& Andetria Hampton

Richard and The Weaver Law Firm have been very committed to seeing our case through to success. His diligence in discovery and superior litigation skills helped obtain a favorable award and a very favorable judgment. It's never a pleasant experience to be sued, but we sued back and won. We found a trustworthy attorney and a good friend throughout the experience.

Thai Klam
Remax 360

I would like to thank The Weaver Law Firm. After I was injured from a consumer product, The Weaver Law Firm helped me get compensation I deserved. I was very pleased with the quality, attentiveness and responsiveness of their services. I would gladly recommend this law firm to anyone who has a problem of any kind.

Kimberly Velez
Houston, Texas

It is with great pleasure that I recommend the services of The Weaver Law Firm. I have utilized the firm for over three years. Richard Weaver has provided legal representation crucial to my business. During these years, Richard has served us in various areas that include representing the company, business planning, company formation, litigation and court proceedings. He has a professional and personal commitment to my company. We consider The Weaver Law Firm an essential part of our business. It is our utmost true belief that he will provide the same high quality of service to you.

Richard Peinado, President
Peace of Mind Services, LLC
Houston, Texas

My company and I started working with the firm since the beginning of 2012. This is an honest firm, hard at work. We never had to hire a law firm prior to 2012, and we are not going anywhere else. Thank you, Richard. And thank you to all your staff for all the great help, service and attention to our needs.

Josué Munguía, President
Trinity Distribution, LLC
Humble, Texas

The Weaver Law Firm was highly professional, easy to work with and most importantly, time-sensitive to the clients' needs. During our lease negotiations, Richard Weaver was readily available and was very helpful in making progress to finalize the deal. I will recommend The Weaver Law Firm to my future clients and look forward to working with Richard again.

Richard E. Buxbaum, RADIUS Realty Advisors
Houston, Texas 77057

As a small business enterprise, it's important to have a good support network. The Weaver Law Firm is a valuable resource providing professionalism, expertise and reliability for my company. Whether it's contract review or filing with the state for corporate requirements, I know I can count on Richard and his team.

Enrique Cortez, President
Enitial Advanced Communications
San Antonio, Texas and Washington, D.C.

Richard Weaver and The Weaver Law Firm are very thorough and professional. They get the job done. I enjoy doing business with them. They explain everything in layman's terms and I would recommend this firm to anyone in the construction field. Thanks Richard!!

Terry Bynum, Owner
Able Paving
Houston, Texas 77205

My husband and I asked Richard Weaver to form a partnership agreement for a beach property when we were selling half our interest to another party. Richard did an outstanding job. He produced the necessary documents in a timely manner that thoroughly covered all aspects of our transfer of ownership. It was a pleasure to do business with such a professional and ethical firm.

Mary Ann Wosenitz
Houston, Texas

I have used The Weaver Law firm for quite some time. Richard's knowledge and experience have always helped me. He has also saved me plenty of headaches. He is always straightforward and honest. He clearly explains what my options are and always answers all my questions promptly. In the future, if I ever need someone to represent me, or advise me on my commercial lease contracts it's always going to be Richard Weaver. I always recommend his law firm to everyone I know.

Rafael Garcia, President
Sav-On Mattress Outlet LLC

Richard is a skilled, hardworking attorney who is passionate about his client's success.

Isaac W. Kyle, CEO
iCityCondo, Inc.

During the real estate boom, my wife and I invested in more than 10 houses in Houston mainly due to low entry prices and positive cash flow even though we lived in California. Naturally, we had to hire a property manager to take care of those houses for us. It was going fine for several months. But the property manager started sending money late and in the end, the property manager went in hiding after taking all of our rent income for several months. My wife and I decided to hire Richard Weaver as our lawyer after learning about his client reviews and background. At first, we did not know what to expect, but we didn't want to give up. We were not sure whether we would be able to recover anything. But Richard worked hard on our case and kept us informed during the process. Richard was wonderfully patient and understanding. Finally, to our pleasant surprise, he brought us a successful civil case when other lawyers had simply given up. His attention to detail surely helped win this case. On top of that, Richard is also very resourceful and worked within the budget we gave him. We can't say enough about the work Richard did on our behalf and highly recommend him for any real estate related legal matters.

and Hee
El Segundo, California

As a client of The Weaver Law Firm, I was extremely pleased with their services. In 2008, I sold my home in a short sell. The property transaction closed and title to the property passed to the new buyers. But the title agent/Esquire Title, LLC, failed to pay off the lien holder/lender, Wells Fargo. Evidently, Esquire initially tried to pay off the wrong lender. Before Esquire could or did pay Wells Fargo the new pay-off amount, the Texas Department of Insurance took over Esquire's operations, discontinued all residential real estate transactions being handled by Esquire, and froze Esquire's bank accounts. Thus, the funds intended to pay Wells Fargo were trapped in Esquire's bank account and never used to pay Wells Fargo. And Wells Fargo looked to me for payment. Wells Fargo sued me and the new owners of the property. After finding Mr. Weaver, he handled everything for me and kept me up to date on how the case was going. He was able to get a settlement showing that I owe nothing, which cleared me of all claims. Wells Fargo dropped their claims against me. It was reassuring to know that I had an attorney taking care of everything on my behalf. Mr. Weaver was very knowledgeable in real estate laws and looked out for my best interest. Thank you, Mr. Weaver.

Nikki Blaze
Houston, Texas

The Weaver firm efficiently handled some small business filings for me at a reasonable cost. I plan to continue to use the firm to meet my needs.

Joe Adams
Houston, Texas

Realtors are responsible for making real estate transactions run as smooth as possible, however, when there are problems, a real estate lawyer is necessary. For our family, Richard Weaver was just the lawyer for us.
I can safely say that Richard Weaver is a knowledgeable real estate lawyer from the point of drafting of the purchase agreement through and post closing.

Our issues involved environmental issues, seller disclosure and financing. Without Mr. Weaver's expertise, our situation could have been far more expensive to fix than if he had been involved post closing.

I now know that as buyers or sellers of real estate, people should consult an attorney before they sign the purchase agreement. This agreement spells out the terms of the transaction. By the time it is signed, it is often too late for the attorney to do anything about a problem with the real estate.

In our case we had already unknowingly signed a purchase agreement. Fortunately, Mr. Weaver was able to move swiftly and accurately towards resolution. He was able to lower the purchase price substantially and save us tens of thousands of dollars on the purchase of our dream home.

I liken hiring Richard Weaver to purchasing an insurance policy. When people wait until they know they need a lawyer, it is usually too late to find one. And if it isn't too late, it will usually cost much more to get a lawyer involved once the deal has gone awry. Many real estate transactions are time-sensitive and a responsive and attentive attorney can save the transaction or at least advise clients on the best options they have available.

In our specific case, we found Richard Weaver, who moved quickly and aggressively, charged fair attorney fees, and was able to make the fairest deal possible for our situation.

Believe me, in the future Mr. Weaver will review all of our real estate transactions beforehand. As a matter of fact, we found Richard Weaver to be so personable, intelligent and responsible. He is now our family attorney for all legal matters, which we may face in the future.

Jennifer Burke Tomball, Texas