Seller financing question, buying SFR in Los Angeles, California
I have an opportunity to purchase a condo with seller financing in LA. I have purchased a multifamily property with seller financing out of state and it a was simple buyer/seller, lawyer to lawyer transaction.
This deal slightly complicated, because there's a realtor involved (who does not know anything about seller financing), and wants some sort of commission. I was hoping someone on the forum could let me know some details about seller financing in California. The realtor let me know that she thought rules in CA are much different than the rest of the country. The main issue was since property is an investment property for seller, that there is a % (3.5%) of the payments that need to be withheld each month (I'm not sure why?). But I'd love to connect with someone who's done this in LA or SoCal before to explain.
Thanks in advance!