Offer accepted for my first seller financed deal! Now what?

[Raden Mantuano]

So a seller and I have come to an agreement on terms on a property and I literally had to raise funds from family to obtain the down payment. Now that I have the EMD down payment. I just realized there are closing costs involved. What parties are involved at this stage of the transaction? Unfortunately, I didn't account for the closing cost at the time, but wasn't sure if i needed it now or even needed it at all, since I'm going directly to the seller. Since there is no realtor and commissions involved I guess what im trying to get here is, what would be the 1,2,3 steps to close, for example (1. the EMD is now sent to the sellers title company etc etc..) which parties are involved and whats the closing cost im expected to come out of pocket on my end?

Im a realtor but i guess since im a realtor buying my first house as a cashflow property directly with a seller. 

Thanks in advance guys!

[Dennis M.]

@Raden Mantuano

Normally Your earnest money will go toward the down payment at close . Because the seller will be holding the note till it’s paid ,you will save on some of the fees till it’s all paid off years from now . Do not deal with an realtor . Have an attorney who’s done land contracts right out the article of agreement . Cover your butt and practice due diligence . Seller finance is a powerful tool to get into investing if it’s done right