Any Advice on Owner Financing?..

[Tyon Pascal]

Hey BP. 

Currently have an offer in on a property. The seller/owner is willing to do owner financing. Zillow has it for 200 + and the county has it listed as a multifamily. We have agreed to write up the contract for 150. with 10% percent down payment. 

I have never done an owner finance before, my question is what are some of the things i need to have in writing to cover myself, and what do i need to know going into this deal?.

[Steve Vaughan]

Get full title work done with title insurance and never, ever do a Land Contract or Contract for Deed.  Title won't transfer to you with those until it's paid off.  Do a Note and Deed of Trust / Mortgage.  Here you can also do a Real Estate Contract that still puts the property in your name day 1, but has a few less protections for you if you do default.  Talk to a title co about common ways to properly structure a seller-financed deal in your area.  Congrats and good luck @Tyon Pascal !