PLEASSE HELP...Seller Financing and Tenant Buyer Financing Paperwork...

[Wesley Merriweather]

Hey BP, 

I have a quick question that I am still a bit stumped about. I am embarking on the Seller/owner financing arena and I am curious to know when I have a house with a Motivated seller that has agreed to seller financing and I stay in the deal obviously to make cash flow out of the deal. 

What type of paperwork do I need for the end tenant being that I want the Tenant buyer to either just strictly rent (which I doubt that what I should be doing) or should I have another purchase and sale agreement explaining the terms to the tenant or do I need my Purchase and sale with the seller, be an assignable contract for a qualified tenant buyer for later refinancing? 

Sorry of the Crazy direction this question went. I am trying to wrap my head around the strategy I should have for my Renter or tenant buyer as I approach this arena that I need confidence in knowing the direction I need to go with this. 

Thanks in advance 

[Steve Vaughan]

I like to buy directly from the seller with a note & mortgage/deed of trust ( or here in WA we have a hybrid called a Real Estate Contract).  Once you own the home (a Land Contract or Contract for Deed does not give you title) then the lease and option to buy with the tenant buyer is a separate agreement between you (the owner) and the TB.   That's the broad stroke idea.  Hope that helps.

The details of both the seller financing and the lease/option can be pretty state-specific.  I would seek counsel once you decide what you want to do.  The legal advice police will slaughter me if I get anymore specific.  Good luck @Wesley Merriweather!