Seller financing in Toronto, Ontario

[Eric S.]

Hi BP,

So I've got a family friend who is looking to get rid of a disaster of a property. He owns it outright and I would like to approach him with an offer to buy it off him with seller financing from him. I've never done seller financing before and would like some tips on how to explain it in detail to him. Also, he already got an offer for $1.1M and the arv for the area is about $1.2M so there's not alot of room to force appreciation, the only benefit is that I will be able to get a property without being approved for a mortgage and hopefully no money down. I am a contractor and am able to do all the Reno's myself. Do you guys have any advice how I should go about this? Also, a few more questions:

When does the title go in my name? At the beginning of the deal or after the home is all paid off?

What if I want to sell the home before its all paid off?

Do you guys have any lawyers experienced in this in the toronto/Scarborough area that you can recommend?

Thank you!