Re: Land deal - Posted by Jim Locker
Posted by Jim Locker on January 16, 2001 at 16:04:36:
IMO, the seller would be a complete fool to land contract to you and let you log it. If I were in his position, I would flatly refuse to let you log it until you closed.
If you land contract from him without saying you intended to log it, then started logging it, that would most probably violate your land contract (depending on wording). If you did it to me, I would sue you into bankruptcy, and I would stay after you even then.
I would say that if you want to do something like this, you should approach a bank with a business plan and tell them that you want to purchase the land with this specific intent, and show them how you will proceed and how it is a good deal for you and for the bank. Then, you could do a complete purchase.
I would also suggest that you make sure you won’t have a fight with any local organization (audobon society, neighborhood assoc., etc) or national organization (EPA) if you decide to log the property, before you put up any money and get yourself on the hook.