Terms Sale Process
The document outlines the standard operating procedure for handling an owner‑financed real‑estate transaction after a buyer has committed to purchase. It details five sequential actions: (1) collecting the down‑payment and documentation fee; (2) preparing the owner‑financed sale paperwork in the LGPASS system; (3) sending the sale documents and ACH‑authorization form to the buyer via an e‑signature platform and awaiting completion; (4) setting up the loan in GeekPay, which coordinates recurring ACH payments with Actum; and (5) initiating the buyer’s monthly payments, typically about 30 days after signing. The guide emphasizes the need for completed documentation before loan creation and highlights the software tools used to automate the process.
Topics
Collect Down Payment and Documentation Fee
Gather the buyer’s initial down‑payment together with the required documentation fee, usually as a single transaction.
Prepare Owner‑Financed Sale Documents in LGPASS
Use the LGPASS platform to generate all required sale agreements and payment‑term documents based on property details and buyer‑agreed terms.
Transmit Documents and ACH Authorization via e‑Signature
Send the prepared sale documents and ACH authorization form to the buyer through SignNow, DocuSign, or another e‑signature service, and wait for the buyer to fully execute them before proceeding.
Create and Manage the Loan in GeekPay
After signed documents are received, set up the buyer’s loan in GeekPay, which tracks the payment schedule and notifies Actum when recurring ACH payments should be processed.
Initiate Monthly ACH Payments
Begin the buyer’s monthly payment cycle, typically 30 days after signing, with Actum handling the recurring ACH transactions as directed by GeekPay.