California Seller Financing Purchase Contract / Addendum

[Justin Koopmans]

Hey everyone! I'm in talks with a private seller to purchase vacant land. We have been talking directly without agents. Three questions: 

1) do California Realtors have a seller financing addendum that they can use? 

2) is there a resource that someone could point me to for a customizable seller finance contract template that we could look into?

3) Any CA attorneys out there experienced in seller finance purchases that you could recommend? 

I looked at Law Depot online but that template won't work for us as it requires an interest rate to be input. Our terms may not have an interest rate attached to it. The current discussion is that we'll agree on a payment and then "x" amount of each payment (same every month) will go to principal (instead of following an amortization schedule). 

Thanks!

[Mike Grudzien]

Sounds like you definitely need to work with an attorney.
"Don't leave home without one">
Mike

[Kenneth Reimer]

@Justin Koopmans

1. Yes, California realtors who have access to CAR Forms have access to Seller Financing forms. Though, you may just ask your title company. I purchased an apartment building in 2018 and I had Fidelity send over their boiler plate seller financing form as a Word doc and I just edited it. Though, I wanted the form to be as simple as possible for the sake of not scaring off the seller (it was also direct so simplicity is often key in my opinion). You can edit it, but be careful to not get too cute, the quality of your contract is the quality of your deal.
2. CAR forms and attorneys are going to be your best bet. There are other form companies that would be able to help, but a CAR form is going to most likely provide some familiarity to the seller as they've probably seen them before, and an attorney will be able to give you peace of mind. I don't believe your other options (other form companies) are worth it given the dynamics. Just be mindful to communicate what your thinking to the seller long before you show up with either one. Put them at ease by telling them what to expect, and be willing to go through it together. Even the word attorney can sometimes scare people off.