Proper way to do an owner carry as the seller

[Dan P.]

I have a piece of bare land in Washington that we had originally thought we would build a personal residence on. But things change and now we are selling without building. We have an offer from a  buyer wanting us to do an owner carry. I am considering it, but I have never done an owner carry as either seller or buyer and only know the basics. 

• What are the typical ways that a seller protects themselves in an owner carry?
• Mortgage versus Deed of Trust? It seems that the Deed of Trust is better from the seller perspective. Is the title company the escrow agent holding the deed? Or is another party involved? If Deed of Trust does anything special need to be stipulated or done to ensure that the buyer is the one paying taxes, etc?
• Should I use a service to collect the payments and monitor for non payments?
• Whats a typical late fee on an owner carry?
• Other than interest rate, amortization period, payoff period, down payment, what other things should typically be agreed on?
• Anything else?

Thanks!