My first Wrap with Seller Carry Back deal

[Jim Watson]

I'm considering selling my condo to a previous renter.

Purchase Price - 380,000

Down Payment - $15,000

Senior Mortgage-  208,000  @ 3.5%

Seller Carry Back -  157,000 @ 2.5%

5-7 Year Balloon

I approximate the current ARV on the condo is between 340k - 350k

I'm trying to do everything possible to protect myself and have some power to get the property back if the contract is broken.  Am I able to stipulate that the buyer is to be the end buyer with no wrapping to another buyer later. Payments will be made by a servicing  company. Also in the original contract he sent me it said it was a non-recourse promissory note and that I could only foreclouse on the senior note if the existing subject mortgage was not paid and not sue the buyer for the junior note if its unpaid. I am putting a 45 day addendum that if the senior and junior note are not paid, the title has to be. transferred back to me and the contract is in default.  Are these even enforcable?  I want to make the contract air tight.  The generic one he sent me from his relator was unacceptable so I said I will make a contract. 

Does anyone have a wrap contract or could help me make one in Florida?  Can you recommend me a service or real estate attorney that can help me make a water tight ( as a wrap) can possibly be?   Very new to this but have been reading and learning from the site incessantly for the last week.  Thanks everyone out there for the great advice and help.