After owning the property for 30+ years the seller decided to sell as they are an older retired couple who no longer wanted to deal with the day-to-day management of the property.
Second, worried that their children may argue about the property should they pass, they felt making the decision to sell now and to control the circumstances was in the family’s best interest.
They chose to provide private-seller financing to the new buyer as it would do 3 things for them; rid them of the day-to-day management of the property, provide a steady monthly cashflow for years to come (from the loan), and defer the bulk of the Capital Gains Tax that would be due.