Confused about seller financing! - please help

[Miah Atwood]

If I pursue a property with seller financing, is the house immediately mine with the contingency that the original owner gets it back if I default? Or is the house transferred to me one the balloon payment is due? Also, If I buy a seller-financed home with a five year balloon payment, can I refinance the home in five years with a bank rather than selling it? Can I refinance it in two years?