Is an attorney needed for seller financed deals?

3 Replies

I found an off market vacant home and the seller is open to financing while I rehab it.  I planned to use eforms Purchase and Sale Agreement to draft an offer but some websites say to use a real estate attorney and possibly a CPA to draft the promissory note.  Is that all necessary or can I use online forms?  State of Idaho.  Thanks in advance!

Hi @Tara Lindgren ,

We have done a number of seller-financed deals and we always use our attorney.  I think you could use online forms, but I think it is worth it to make sure it is correct.  In my experience it is not a lot of money - maybe $250 to $500 for the contract and promissory note.  

Good Luck!

AJ

Hey Tara,

I just saw this post, hopefully you can make our Missoula Meetup on June 15th, Attorney Kevin Jones is speaking and is specifically going to focus on the different types of seller financing and how to navigate them, and answering questions afterwards, so it's spot on for you. Hope to see you then!