All Forum Posts by: Alex Bishop

Quote from @Tim Herman:

@Alex Bishop If you agree to terms, most escrow companies can do a promissory note and mortgage. If not an attorney can do it. Why wouldn't you pay the owner. He is the holder of note and mortgage. If you borrow money from a bank you don't send it to a third party for payment.

So should I just find an escrow company that has experience doing seller finance deals and they should be able to guide me the rough the process? As for the not paying the owner directly, I’m a little worried what would happen if the owner says he didn’t receive my payment? I wasn’t sure if there was a better way to arrange payments through the escrow company or some other 3rd party. 

Hello everyone! 
I have been talking to a local landlord about seller financing me one of his rentals and he seems very interested. I’m just not quite sure the actual process to get the deal done. Should I just have an attorney draft a promissory note, then talk with a local escrow&title company to finish everything, or is there other 3rd parties/legal documents  I need to include in the transaction? Also the landlord suggested me pay him directly but I feel having a 3rd party collect and distribute the payments would be best. Please any information would be appreciated!