Pros & Cons of financing a property directly from the owner!

[Joe Nile]

Hi to all,

I am a first time buyer for a commercial property. Unfortunately, I couldn't get approved for a loan from banks to buy this property. Now, the deal on the table is to get it financed directly from the owner, the deal requires me to put 33% of the property total price and the balance has to be secured through a note and deed of trust.

I will be glad if someone offer to help me in understanding the pros and cons financially and legally of such a deal..

Thanks!