What info do I need included in seller financed duplex?

[Anthony Wick]

I have the possibility to purchase a duplex with seller financing. 10-15% down, and then seller will carry the rest of the note on a 10 year balloon (30 year amortization). I’ve purchased SFH’s and multi family, but never with seller financing. So, is there an example document that I could peruse to make sure I’m covered? Prorated taxes, title search, filing with county, etc. I don’t want to miss any details that I need to make sure I’m covered in this purchase. I also have a real estate agent who is researching what needs to be done. And I’ll be getting an inspection of course. We have not discussed who will write up the document yet as we are still negotiating terms. But obviously we will have an attorney. If he wants his attorney, I’m thinking I should also hire one to protect me. We each pay our own attorney, but seller pays for title search and filing? I know thats all negotiable as well, but is there a ”normally” in this situation? Thoughts or suggestions? Thanks.

[Tonya Quinn]

https://www.investopedia.com/articles/mortgages-re...

I think this is a good place to start in understanding the seller financing option.

I would attempt to find out what the sellers fears are and find a way to alleviate them with renegotiation.