Seller finance contract

[Andrew Lemmie]

I am looking to put together a offer to purchase a property doing seller finance. I have no experience with seller finance. 

I have spoken to the woman that owns the home and she seems interested but I'm not sure what my next step should be. I think I would just write up an offer then present it to her for negotiations.

Where do I get contracts? Would a generic contract work or should I talk to a lawyer? 

I live in MN, is there something I should consider or know about seller finance specific to MN?

Thanks!

[Spencer Cornelia]

I'm currently in this process now.  I was speaking with a property owner and asked if he was open to the idea of seller financing.  I presented the benefits and why he would consider.  I then gave him multiple options:

a) I'll buy 4plex for $260k at 5% interest rate

b) I'll buy 4plex for $270k at <5% interest rate

c) I'll buy 4plex for $250k at 6% interest rate

He liked option A the best so we verbally agreed to it.

After a few months of him dragging his feet, and interest rates rising, I called him back to offer to pay $260k at 6.5% interest rate, which he obviously liked.

In the mean time, I met with a lawyer who drafted up a contract to purchase the property.  He has background in real estate which is why I selected him.

I'm currently waiting on the seller to sign the document so my lawyer can begin the closing process.