Selling a property and Holding a mortgage any tips?

[John Hickey]

I’m selling a property that I own and the buyer has asked if I will hold a mortgage on it.  

First I’m new to this so i was wondering if there are any dos or donts I shld be looking for.  

Second.  Does anyone have a document they could share like a template? 

My attorney has never done this and she was a little reluctant to start from scratch.  

I know how to do the schedule of payments.  

It’s 250k over four years with no interest.  

[Keyonte Summers]

Depends are they looking to do owner financing, subject to deal?  Owner financing would enable you to get a sizable down-payment and negotiate payment terms and length if any balloon payment after x amount of years. This could work great for you so you dont get hit with a huge tax bill at once but again if the buyer has issues paying you can foreclose and keep the DP and market the property after that situation is settled. IN all i think the buyer is looking for a land contract.