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There are 2 different ways to do that:
1. Seller Financing, which uses 3 documents, a Title Co. or lawyer will often provide templates
– Note
– Deed of Trust
– Affidavit of Value
2. Owner Financing, which uses 2 documents, a Title Co. or lawyer will often provide templates
– Agreement for Sale
– Affidavit of Value
There are different tax consequences for the Seller under each type of “owner carryback”
FYI: Real Estate Investors are their own worst enemies in this area. They use 10 different terminologies for these 2 concepts. Thus giving the other party the impression they’re trying to obfuscate the obvious … either because they’re hiding something or really have no clue on what they’re saying.