Seller Finance Agreement

[Mike Lowery]

Hello BP, My partner and I are looking to do our first deal. We have found a FSBO and have negotiated a great price. The seller has agreed to do seller financing and we are curious as to what our documentation and contract should include. Specific language, caveats, a template, etc. would be extremely helpful. Any comments, concerns or suggestions is also greatly appreciated. Thank you in advance!

[Steve Vaughan]

Our standard PSA realtors use has a pre-printed addendum called the Method of Payment Addendum for seller-carries.  I'd google up 'WI Purchase and Sale Agreement' and see if an addendum exists.   Title co's will be most familiar with a standard PSA.  

Here the title co's network attorney drafts the docs according to our PSA for a few hundred bucks.  No need to track down one yourself and try to re-invent the wheel.

No Land Contracts.  No Contracts for Deed.  You need to be on title as owner as you pay.  Get a mortgage/deed of trust from day 1 @Mike Lowery