NEWBIE Can anyone explain owner financing to me?

[Tinley Jones]

Can anyone help explain owner financing to me?

I think I understand the general concept. The owner takes the place of the bank. Buyer pays downpayment and monthly payments directly to owner until all debt is paid in full. Title is held in a promissory note I believe? Buyer can't take sole title until the debt is paid.

Please correct me if I'm wrong.

I'd like to know the best course of action to initiate this. Would you suggest a Realtor writing up the contract, real estate lawyer, should I get a title agent for protection?

Who has done this? What steps are involved?

TIA for any help!