Seller Financing Deal Advice & Closing Cost Questions

[Dennis Walter]

Hi,

I am looking at purchasing a 5-unit property from an owner with seller financing in the state of Pennsylvania.  The building is owned free and clear.  Both the owner and I are unfamiliar with the process of being involved with an owner financed deal - it is our first time not dealing with a bank or mortgage broker.

A couple initial questions for the BP community:

1)  Best suited to get a real estate attorney or a closing company to handle the deal?  We already have mutually agreed on the terms.

2)  What do closing costs look like in this scenario?  I want to have a good idea of what the upfront costs for this process look like.  Should we agree to split any costs related to the closing process?  I assume there are taxes that come into play upfront with the sale, also?

Any advice would be greatly appreciated!

Thanks,
Dennis