Owner financing

[Justin R.]

Hello BP friends, I have a few questions.

I am selling an investment property out of state (Indiana) and offered the buyer seller financing. I offered 1.25 over prime (which is a total of 4.75%) over thirty years with 10 percent down. The buyer is paying full ask price and the property has been on market for 45 days.

I believe I need a real estate attorney in the state of the transaction to write up the contract, is this correct? Who will facilitate the logistics such as amortization schedule, fees, penalties, etc? Does this lye on the attorney, title company or myself? Any due diligence you suggest? 

Any information in regard to seller financing would be great. Thank you for your help!!!