Q: To owner finance a residential property in Florida, what documents are required?
A:
First, let me suggest that you get an attorney to do an owner financing transaction in Florida. There are so many state and federal rules that you can likely violate that the cost will be a drop in the bucket vs. likely getting it done wrong.
IF you qualify for providing seller financing, then it is typically done with a promissory note secured by a mortgage.
That alone is enough to get you into trouble - so next step is for you to get an attorney.
Of course if you choose not to get an attorney you will probably fit into the saying I tell all clients that come to me with a problem caused because they did not have an attorney in the beginning to do the deal - Pay me now or Pay me MORE later. The "More" is typically 10 times more than the "Now" - and sometimes even more costly if they can't enforce the loan they thought they made........
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A: You 100% need an attorney to draft them to the specs of your deal. There is absolutely no competent way to use "forms" or stuff you find on the internet, and I agree would be an extremely poor idea likely costing you many times more in the long run than the attorney to do it right. Drafting a note/mortgage is not terribly expensive if you have a title company closing the deal; if not you need an attorney who can do all of the closing documents and hold escrow.
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