Seller Finance Rules in PA

[Brianna Garber]

Hi!

My business partner and I are offering 160,000 seller financing on a duplex in PA. We'd like to pay 400 a month and do a full payment of the remaining principle at the end of 5 years. Our CPA just told us installment sales are illegal in PA so we'd have to use the minimum AFR interest rate, which he says is 1.78%. Does anyone know if we have to put this on an amortization schedule or have any information about seller financing rules in PA? This is our first seller financing deal.

Thanks so much!

Brianna