First Seller Financing Deal: Looking for Advice

[Ben McGuire]

Hello Everyone,

Coming up in May/June my wife and I will be looking to close on a home is West Lafayette, IN via seller financing. This will be our first home purchase of any kind. We know the seller and have a good relationship. My question pertains to logistics. I know we will need to go through an attorney for the contract and a title agency. I’m assuming we will need to set up escrow as well.

If someone who has experience with this in Indiana could give some insight that would be amazing. Thanks!

[Justin Polston]

@Ben McGuire I second what @Steve Vaughan suggests as far as purchasing. In the very least, get a title search done, with a commitment, record a memorandum of contract of whatever you end up entering into to protect yourself from seller placing any other debt against the property or selling from under your. Your memorandum will become a cloud on title in a good way. This is if you don't do as Steve suggests and/or if seller wants to retain deeded ownership until you refi out or pay seller off.