Seller Finance Deal in South Carolina

[William Stewart]

Hey all

I am about to enter into an agreement for a property with owner financing. My question is how should I do the contract? The terms will be a down payment with the balance to be paid monthly @ 4% and a balloon payment in two years. 

I'm wondering if I should use an attorney now to structure the contract or wait until later when I'm ready to get the loan from the bank. The reason I'm not getting the loan today is I only have 1 year tax return next year I will have the required 2 years. 

The deal is taking place in South Carolina where a real estate attorney is required. 

My thoughts are if I have an attorney set the contract up it will be easier for the bank to give me the loan as oppose to showing them a contract the seller and myself draw up? 

I did talk to a paralegal and she said I could record it for something like 25 dollars at the court house but not sure what she meant. Maybe take are terms contract to court house and have it recorded?

Any help or guidance would be greatly appreciated

Oh also the seller is wondering if there's anyway to take the down payment money and use it similar to 1031 exchange so hes not taxed on it. I thought this was possible he said no