Reclaiming (?) a property sold on a note. How tough is it?

2 Replies

I'm curious about selling a property I own outright "on a note"  IE- keeping banks out of it and selling with 100% owner financing.  My biggest reservation is what happens in the event of a default?  What are the steps necessary to reclaim ownership?  Have I signed over the title after the downpayment or do I retain title until the note is fully paid?  Any info is appreciated.  Thank you!

Thanks Lauren B.  I guess I'm looking for more detail.  If I need to foreclose, is that a call to the sheriff?  Do I need an attorney to navigate the process?  How long does it take?  What does it cost? and so forth?