My Tenant Wants to Buy the Property through Seller Financing

[Brian Dvorak]

Hi,

I have a property in Detroit, MI, and the tenant would like to purchase the property through seller financing. I have never done this before, so would like some advice. I own the property free and clear. I'm thinking of these terms.

Sale price: 55k

Term: 10 years at 6% interest

Down payment: 3k

How does seller financing work? Do I just go through the title company and a bank? Do I need an attorney to help structure the loan and details?

Also, I hold the property in a trust. Should I change the deed to my name? 

Any advice is much appreciated.