What contracts are necessary for owner financing deal?
As the subject suggests, I'd like to know what contracts are necessary for an owner financed fix/flip deal? Let me outline the situation.
I'm buying a fixer upper from a distressed seller in the state of North Carolina. She's agreed to sell me the property which she owns free and clear through owner financing. I plan to buy the property from her for 37K and put down 7K towards the purchase. I would pay her $400/mth interest only for 6 months while I rehab the house. I really only need 4 months tops to fix and flip the property, but figured 6 months gives me a 2 month contingency. Once I sell the property then I would pay the seller the 30K balance I owe.
I've done many flips over the years, but I usually pay cash, use private money, or buy subject to . This is my first owner financed deal so I'm not clear what contracts I need and what should be recorded locally. Please help, because the seller is waiting for me to draw up the contracts. Any help or sample contracts would be appreciated.