Third Party to Hold rents & pay taxes, Insurance, etc.

[Joseph Quarto]

Hi all,

I may be selling a property on Owner contract. There are No other liens on the property, it will just be the note to me. Aren't there companies that I can designate to hold the rental monies to assure the taxes, WSG, Insurance & the monthly payment to me is automatically paid. That way, IF the buyer were to default, at least the major items would have been paid. Also, what is the Proper way to Hold a note like this? A DOT? Or is there something similar that protects me better & allows for a quicker default process if they don't pay.

Thanks much,

Joseph