Posted by Irwin on November 18, 1998 at 20:32:17:
You two are a legal accident looking for a place to happen. What you’ve been told is absolutely wrong.
I shouldn’t knock this kind of dealing though because this is the stuff that helps lawyers pay their bills - lots and lots of bills - big ones.
The time to get legal help is now. You might go to an office supply place, buy a land contract form and get lucky in guessing how to fill it out. And you might not end up losing your shirt, but it would be pure if that happened.
My advice is use the lawyer and title company NOW. Then, there’s a good chance you might not need them when he re-fis and pays you off.