Executing a seller financing deal

[Carlos Garcia]

Hello,

Can someone please explain how to execute a seller financing agreement with a home seller?  Specifically, important provisions in a sample agreement to include, how interest is charged (calculated based on remaining balance or monthly amount), other important items, how to make agreement attractive for seller if he owns home free and clear?

Home seller owns home free and clear and is getting 1400/month rent and I would not want him/her expecting to receive the same amount monthly in a seller financing agreement.

Thank you.

All the best,

Carlos