Owner Financing Contract is being popularly used by many sellers and buyers of the property, today. It offers great advantages for both the parties and this is the main reason for its high popularity. This allows owners to enjoy monthly income and to sell their homes faster. On the other hand, buyers are benefited by paying small down payment plus they do not have to look for the lenders. No attorney charges and bank fees are applicable or required, so it is even cheaper for both the parties. The following steps should be followed if you wish to draw up a free owner financing contract:
Research on the internet or read through the legal magazines about this contract. You would not have any lawyers, so it is better to be your own lawyer and understand everything about the contract prior to signing it.
Decide the terms; this may include interest rates, loans and monthly payments. Convey these to you buyer and make sure you state them clearly on the contract form.
It will be highly sufficient to find the form so that the drafting becomes easy. You can also find many websites that will instruct you on filling up the forms and the necessary details to be added.
To prove that the information is reliable, use your deed.
If you still think that you need legal advice but you are unable to contact an attorney because of the heavy fee charges, look for websites that offer free legal advice on the web.