Owner Financing

[Tyler J.]

I have been reading more and more about this and am trying to get a better grip on understanding it.

As a seller, how does it work when someone offers you seller financing proposal? Who writes up the paperwork? I read on numerous posts a lawyer can, but if you want to yourself you can? I also read that the title company will take care of it?

How do the mortgage terms work? I know they vary. Is something common a 30 year rate and a balloon payment after 3-5 years? Or sooner I guess it could be.

Thanks in advance.