Dogs Help With Deal....no Thnx!LOL Sub To Or Wrap Around?

JnJ profile photo

Well just a funny incident before my questions...
I am doing my first deal on a home with 20 acres. We brought our shepherd, (a harmless oversized beast) Well my sellers are very kind and on day 1 insisted we let him run with their dog... He played and loved it.. Alas his wife was not home so we needed to return to discuss the sell with her on the following day. So again we brought our dear "Bear" to enjoy the property, and the company of their dog... A play date! Again they insisted we let him out, while we discuss the deal. Their company ( consisting of son and mother, father of the husband) left to go to the store.... This is my first deal and I was so nervious about getting them to sign, the 5 bucks we paid in "earnest fee" yada yada... We did get it all signed. Right after we are getting ready to leave, We go out the garage that has stairs leading to it from the home and out to the driveway, and there sit all of the relatives. Not moving...Why you ask? Well my "dear" Bear wont let them in to the garage or out of the driveway. He is growling, barking, hair raised and has held them captive!!!!
I am at a complete loss for words... So I just say...(as I grab him) I am sooooo sorry he must just think this is his home already!!!!! Rotten...Rotten dog!!!
I am doing my first deal... here it is
20 acres and large home....255,000 the owner has already offered to write it up as 260 and giving me 5000 change.
the deal
they are providing a title search..they owe 130 . I want to write it up like this
they take out a loan for 270, pay off the first loan ( or take out a second mortgage for 140....270 - 130 depending on the interest rate of their original loan? ) 10,000 will go into an escrow account held for the morg. In case of default. For their protection. I will be paying the mortgage monthly. I will have 6 years to refinance... at the time of refinance, 10,000 plus interest earned on the 10,000 will be used as part of payment.
I want a deed, Can I get a warrenty deed? I need to do an insurance transfer. I have questions...
How is the best way to present this? How do I write up this contract? Subject too or wrap around to better protect myself? What kind of deed am i entitled to and if they get a subject to clause how to avoid that with the insurance transfer?
here is why i ask.... the home is worth over 300,000.... with this agreement i will make 5000 at xlosing have their 10,000 in escrow + at least 30000 in equity. I also want to allow 10 acres to be cleared by loggers. I can then use that money to help pay mortgage (which I can afford currently).
Where would i get a free contract for this type of buying which will only need a lawyers review to avoid the cost of having a lawyer write it up. I can write my own addendums, just looking for a standard form.

Thnx all for your help in advance
JnJ
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