I am designing a couple options for the seller of SFR. I want to offer them the ability to sell to me with Seller Financing and I want to have all the paperwork completed upfront for them. Could you share an example of a promissory note you have used?
Simply tell the closing attorney to write up a security deed and it will be recorded as a mortgage lien on the property. The same thing they do with a bank. They will offer you a lender's title insurance policy as well.
A seller financing promissory note is effectively identical to a promissory note you'd get from wells fargo or chase...
I'd focus on sharing the terms with them (interest rate, amortization period, monthly payments, balloon payment, etc..) and then just say you will close exactly the same way you'd close with a bank mortgage (title company, real estate lawyer, deed of trust, promissory note, etc..)
@Jason Turo The language is pretty simple, reviewing a copy of one I had my attorney do, it covers the amount, interest rate, term, payment date and amount. There is additional language concerning late charges, if I default the reminding balance of the note becomes due immediately, etc.
Definitely use an attorney for it. I recall the note work itself was about $400.