Selling VIA owner financing WITHOUT retaining the deed...?

[Brock W.]

Hello all-  

Briefly- I used a HELOC on property A to buy Property B which I am now trying to sell with 100 % owner financing. Im paying X on the HELOC, but collecting XPLUS on the note. I've crafted terms that are a win for me and for my buyer, but my intention is to hold the deed of the property until the buyers's note to me is paid in full, exactly as the banks do. An attorney whom I am working with has informed me that he "cannot facilitate a seller-finance transaction that does not convey the property by deed at closing." which took me by surprise. How does having vs not having the deed during the several years of mortgage paydown affect my risk? Is it advantageous to have the deed in the event of default? IE- does it make reclaiming the property and evicting the end user more difficult?