Required Documents for Seller Financing

[Benjamin Rutledge]

I am moving out of the Boston area, but recently learned that my landlord is looking to sell my current apartment. Since I will need most of my cash for a downpayment on the house we are buying, I thought seller financing could be a great way to purchase the apartment, since I know the seller is motivated and owns the condo free-and-clear. However, I have never done seller financing before, and I am wondering what exactly I need to get the deal done. I know I need a title company to write the title over to me - do I also need an attorney to draw up a loan agreement between the two of us? Is there any other documentation/ members of the real estate team that I should bring in? My landlord currently does not have a real estate agent, so no agents need to be included, either. Thanks in advance!

[Michael Vazza]

Hi Benjamin, you can negotiate and come to a practical agreement and terms but I definitely would get legal representation from a MA attorney before anything is signed if this is your first purchase. It's a small cost compared to the potential risks involved going at it alone. 

Your landlord most likely will be utilizing an attorney on their end as it is.