owner financing on a condo

Same as anywhere else, You're going to want your own lawyer to protect you in the sale. So you'll pay that fee.
Rates and amortization are negotiable, down payments are typically up there, 30 to 50%.
Defaulting will lose you the home of course, but if you're asking about specific timelines I would consult an atty. Any good law office will give you an initial consult no charge.

I have sold numerous properties in the DR with owner financing. My minimum down payment is usually 20%. Most have worked out, a couple haven't. We're currently selling a small beach front condo on the north coast for $99k, looking for $20k down. If a person doesn't make their payments, we get the property back. Bottom line, don't buy if you can't afford the payments.

coolsago said:

I need information about owner financing on the sale of a condo. Who pays the lawyers fees/// acceptable down payment,, rate of interest expected...amortization term...and in case of default in payments what is the procedure? thanks for any feedback..

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First, get a good attorney. Everything is negotiable. The buyer normally pays the closing costs and lawyer fees. Have you talked to the seller as to what he is asking in terms of interest rates, down payment and term of loan? The seller should tell you the terms he is looking for and then you can agree or make a counter offer. Unless the seller has told you that this is set in stone everything is negotiable. Sit down with a lawyer and see what is customary for interest rates, down payment and term of loan. If the seller is interested in offering you financing be sure it is in the same ballpark as you would get from a bank in the DR. Also make sure that you have the right to sell the property at anytime during the course of paying off the seller. Good luck.