Land Contract? - Posted by S, Smith

import · August 23, 2003, 4:54pm

Posted by Brent_IL on August 23, 2003 at 23:08:23:

Spend $200 for a lawyer. You don’t know what you’re doing. You’re friend doesn’t know what he’s doing. The probability of both a screwed-up situation and an ended friendship is high.

import · August 23, 2003, 4:54pm

Posted by S, Smith on August 23, 2003 at 16:54:26:

I am trying to sell a parcel of land to a friend. The land isn’t paid off entirely, and the bank is still the lienholder. I would like to keep the land in my name until it is completely paid for by my friend. I will finance the purchase amount for my friend, and he will pay me in monthly installments until paid for in full. Once paid for in its entirety I will transfer the deed, as both liens will be satisfied.

I’m trying to draw up a purchase contract where the verbage will represent the above. What would be the best contract to use in a situation like the one above?

Thanks so much for your help. I hope that I posted to the correct forum.

S. Smith
Please no SPAM.

import · August 23, 2003, 4:56pm

Re: Land Contract? - Posted by David Garcia

Posted by David Garcia on August 23, 2003 at 16:56:47:

A land contract or Contract for deed is the contract that you need. The loan & title remains in your name until he pays you out

DG.

import · August 23, 2003, 6:26pm

Re: Land Contract? - Posted by S. Smith

Posted by S. Smith on August 23, 2003 at 18:26:09:

Thank you, very much for the advice.