Seller Financed Deal - What am I missing?

[Spencer Cornelia]

Hey community,

I have a verbal agreement with a seller to buy his property with seller financing.  This is my first deal with seller financing so I would like to know if there's anything I'm missing.  

Details:

- Multifamily: 4plex

- Purchase price: $260k

- Down Payment: $20k

- Interest Rate: 5% amortized over 30 years.

1.  See the insides of property myself.

2.  Hire an inspector.

3.  Hire a lawyer

4.  Write out contract with lawyer

5.  Send seller the contract

6.  Contract gets signed by both parties

7.  I go to a title company and claim the property is mine?? (a little clueless on this step)

8.  Property is mine?

Am I missing anything?  Is my order of operations valid?  Anyone have experience with seller financed deals.

[Steve Vaughan]

Missing the type of seller financing.

Doesn't matter how good the deal is if you have no ownership.

No LCs or CFDs.  Do some digging and good luck.