Seller Financing: Step by Step

[Dawit Wo]

Hi,

I listed one of my properties in Oklahoma on Zillow, and I got an offer. We've agreed on terms for seller financing but I don't know what to do. I typically buy at online auctions so can someone break this down step by step or correct my steps? 

1. Buyer makes offer

2. Seller counters or accepts;

3. Buyer sends seller Purchase Agreement

4. Seller send Purchase Agreement to title company (title company only charges if the file closes, right?)

5. Submit Deed of Trust - OR - Mortgage (since it's Oklahoma) along with Purchase Agreement?

6. Title company handles the rest

Where are EMD and downpayment addressed?

Can terms be 500/mo for 360 months as opposed to 50k for 30yrs @ 5% interest? We agreed on 5k down, 0% for 20 years.

Is deed in lieu somethings that's addressed now or given as an option if they default?