How to write up contract for home legally?-"complicated" scenario

[Eismail Ismail]

I have had this scenario brought to me, and I am trying to find answers. I am not of the people, only looking for guidance.

It is not super complicated but it is risky and I am not sure how to go about it 100% and what the best ways are to prevent any problems.

A person wants to sell his house and a potential buyer offered to the current homeowner that they would pay him a lump sum of cash upfront, and then pay off the rest with a set monthly payment within a 5 year period. At the end when all is paid off they will become the new owner.

The current owner mentioned some type of debt on the house, and the potential buyer said you will use the lump sum to pay off any debt.

Where would they go to have the contract written legally so if either parties doesn't do their part they will be penalized ?

Is this something a lawyer should do or are there other places that do these type of things?

Any feedback would be great. Thanks

[Christine Mwai]

I actually had a situation that may on may not help here. On my last RE purchase I was doing a cash deal but was short X amount on the agreed sale price. The seller agreed to hold a note on the balance for a monthly agreed on payment to him as a 6 % loan. It was agreed and written as a loan and filed as a lien against the property. The lien was filed with the County Office. We closed, I got title. I paid him payments for 6 months then paid the balance on month 7 coz I had it written with no prepayment penalty. He gave me a paid in full receipt, filed a copy of the paid in full and the County office removed the lien. All were happy and it was a win-win. Just keep it professional and everything on paper.  An attorney should be able to draw it up for $200-400.Best wishes.