Such loans are generally fixed rate with
payments based on a 30 year fixed amortization but due and payable in from
five years to seven years.
Because
most loans now have due on sale clauses, seller carryback financing is
limited to situations where the property is owned by the seller free
of loans, where the lender will agree to a loan assumption, where the
existing loan does not have a due on sale clause, or where the seller will
hold a secondary loan after the buyer obtains primary
financing.