What is the process during seller finance?

[Tyler J.]

I understand how seller financing works, but unsure what the next step after you and the seller verbally agree to doing seller financing. What is the next step/steps until closing on the property?

[Jay Hinrichs]

Quote from @Chris Seveney:

@Tyler J.

This is no different than any other type of real estate closing. The only difference is the lending is not from an institution but from the seller. So the title company should also draft up the note and mortgage/deed of trust.

That’s really the only difference Assuming all the terms or agreed to

 in many states the title company/escrow officer is not allowed to prep the note.. they can do the mortgage or deed of trust or deed to secure debt but an attorney has to prep the note.. now sometimes if your a bigger client the title company may do the note for you but for one off type of clients most title/escrow companies will want you to do your own note or have an attorney do it.. Notes are rather simple documents we do our own notes and our own Deeds of trust no issues.  although there can be an issue with title insurance down the track.. as there is a ton of fraud out there .. so its best to have that little stamp on your docs prepped by a title co or a lawyer so you dont run into title insurance issues down the track