I would consult with a Realtor and pay a nominal fee (we do it for $100) for some real estate advice, eg., that house, location, price, condition of the house relative to price, etc. That is not legal advice, as Realtors and agents are not lawyers, at least not usually.
The Realtor could advise you on collecting all of the documentation from the seller and refer you to a real estate attorney. You would have to pay the attorney a nominal free, maybe $200? This may be the best $300 you ever paid as it will protect your interests. You are the only one interested in your interests, the seller is not.
Please contact me, I would be glad to help you.
HomeBuyers Realty Co.
281.415.4004 call or text
My Real Estate attorney is James Kuehn 281.537.2685 call him and allow him to answer all the legal questions. Compiling the purchase contract and all the necessary addenda I can easily do it for you for a flat fee. Call me and let me represent you. I will try to convince the seller to pay for it..first. Better safe than sorry.. 832.283.9117.
Call me if you have any questions and to walk you through it...
CDPE, REO/BPO Certified
TAHS, SFR, R. E. Consultant/Realtor
SIS Group, LLC
If the owner is INSISTING on giving you owner financing (even if you can be approved for a loan), you should absolutely hire a real estate attorney to MAKE SURE the terms are fair, and do not put you in any jeopardy.
You might also want to check with a local agent to make sure any agreed-to sale price is in keeping with other area closed sales.