Seller financing terms

[Joseph H.]

I am looking at multiple properties for sale at a decent price but wanted to check what you all have to say about the terms for seller financing. My questions are as follow:

Do these terms below sound about right?

Can someone help explain the balloon portion of the loan? I read about it but do not fully understand it yet.

What are some things I should look for in the contracts? Land deed, and or property deeds? Which one is better and why? I want to own all of the property to include the land, and maybe I do not fully understand what I was researching on that topic.

How do I both protect myself and the lender to where we both benefit from the transaction?

I am not as familiar with seller financing as I am with traditional and other types, but looking for any knowledge I can find. Thanks for the help!

This is what my agent found out from the sellers agent:

I just got an answer from the other agent on the owner financed properties.

They are doing a 30 year amortization, 10 year balloon, 7% interest rate and 15% down.

He said it would be different for an individual. I guess that is as opposed to an investor