Owner Financing in Ok

[Blake Wilkinson]

Can anyone walk me through the legal steps of setting up an Owner financing deal in OK. We have already agreed on terms and I just need to know the best course of action. I want the deed to be in my name and the seller to hold a promissory note . Thanks !

[Paul Choate]

In your structure, you need to have three things:

Deed, note and mortgage.  

The deed and mortgage are filed of record with the county clerk.  The note spells out your terms.  If this is your first one, I would have an attorney or a closing company draw the documents up.    

This can also be done as a contract for deed, but I like a deed and mortgage better as the buyer.  

Good luck.