Recording a mortgage on seller finance deal.

[Nate Bartlett]

I'll keep this short. I'm purchasing a property from a fried in Illinois (Cook County) using seller financing. 

Purchase Price: $54k

Down Payment: $10k at closing, $3k in 6 months

Terms: Remaining $41k amortized over 30 years at 3% apr, balloon payment in 36 months.

The sellers attorney has ghosted him. I have no idea why. My attorney will draw up the agreement contract, but she does not want to do handle the mortgage document because she says it's a conflict of interest. 

What's the best way for me to do this?

TIA,

Nate

[Tom Gimer]

Quote from @Nate Bartlett:

@Wayne Brooks I don't know either. Honestly, I'm so over using this attorney. She is my attorney and owns the title company and she has a terrible attitude, but I'm too far in the process to switch to someone else. 

This is my first off market deal, so I'm just making sure I don't screw it up. Are these forms I can find on Bigger Pockets? (I have a pro account). Or can a title company supply them? I searched online and could only find a promissory note template, but I couldn't figure out how to get it to show that the mortgage was amortized over 30 years, but there's a balloon payment in 36 months. 

Possible language

FOR VALUE RECEIVED, I, [Borrower name] (hereinafter known as “Borrower”), promise to pay to the order of [Lender name, address] (hereinafter known as “Lender”) the sum of [X and 00/100 Dollars] ($[]), with interest from the date hereof until paid at the rate of [X percent ([]%)] per annum on the unpaid balance. Said principal and interest is payable as follows: Commencing on [date], and continuing on the [1st] day of each and every month thereafter [principal and interest payments of [$]], with the entire remaining unpaid balance of principal and interest, if not sooner paid, being due and payable in full on or before [maturity date].

Add same maturity date to mortgage.

Monthly payment amount reflects the applicable amortization schedule. Good luck.