Posted by John T on December 29, 2010 at 04:46:48 from (66.244.97.31):
In Reply to: Land contract terms posted by andy r on December 28, 2010 at 20:54:28:
Andy, I have bought and sold farms using a Land Contract and prepared several since I became an Attorney and in answer to your question
"Is there sort of a standard for land contracts??"
Id say NO as far as the frequency of payments and rate of interest (subject to Mikes good information and any statutory interest limits and/or disclosure), I have used/drafted monthly payments and also yearly as you mentioned or semi annual. MOST EVERYTHING IS NEGOTIABLE
The agreement of the parties (provided no ambiguity) is all fine and legal as far as the Courts are concerned subject to some common law or statutory restrictions and the Statute of Frauds, Capacity, Legality, Writing, Max Interest, Disclosure, etc. etc. blah blah blah
Whats important is BOTH parties understand and agree to the written terms and theres no holes or misunderstandings and that the agreement is all contained within the "four corners" of the document, as a typical contract may contain language such as "this represents the entire agreement among the parties" which means something like additional verbal or side agreements arent recognized, and theres the similar Parol Evidence Exclusion Rule etc. The courts take the attitude if you wanted certain terms they better be in the writing or you cant come crying to us later lol
PS While both are legal, I take a slightly different approach if I'm drafting a contract for the Buyer or Seller. If for the Seller, I dont want to deliver or escrow any deeds or even have the document Recorded (once its paid Buyer gets a deed). If for the Buyer, Id prefer a Purchase Money Mortgage where the Buyer gets the Deed up front and the Seller takes back a Mortgage securing the debt or at least escrow the deed with everything recorded.
CONSULT A PROFESSIONAL, A LOCAL ATTORNEY FAMILIAR WITH REAL ESTATE AND CONTRACT LAW IN SUCH CRITICAL AND IMPORTANT MATTERS versus opinins offered on a Tractor Forum is my best final free professional advice.
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