How would you structure this owner financed deal?

[James Fleisch]

I own my home outright in Illinois. Its for sale by owner. I got an offer for full listing price with 25% down and the remaining balance payable in 6 monthly payments.

My attorney says he would prefer to structure it as a contract for deed but the buyers contract is written to give full ownership to the buyer immediately and I would be the mortgage holder. Attorney says current contract is fine because illinois law gives ownership rights on contact for deed sales after 20% of the principle has been paid. If the buyer defaults then i would have to go through foreclosure process either way.

I’m still learning and this would be my first home sale without a realtor and I want to make sure I’m not making a raw deal. I paid for some background check info on husband and wife buyers (sale is in wife’s name only) I discovered a default about 12 years ago on a home loan and the husband owes the IRS $800,000 plus. I’m waiting on a credit report but buyer says credit is over 700 on both. Buyer says irs deal is completely in accurate and he is working to get it fixed.

Any advice or insight would be greatly appreciated!