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    wsdkmd's Avatar
    wsdkmd Posts: 2, Reputation: 1
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    #1

    Oct 5, 2008, 11:51 AM
    Florida land contract laws
    I'm considering doing a land contract with an 80 year old man but the question is that if he dies and the property is willed to his estate or trust, were do I stand does his last will and testament override the contract with us or will we be safe and just pay into his estate can the living come after us and try to get us out. I would love any help that you can give me
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Oct 5, 2008, 12:10 PM

    You need to be sure the contract is first legal in your state, and have an attorney review the contract. The estate and heir will be bound by the contract if it is done properly.
    rockinmommy's Avatar
    rockinmommy Posts: 1,123, Reputation: 82
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    #3

    Oct 5, 2008, 12:13 PM

    It depends if you're doing a contract for deed, or a straight purchase with him carryng the note.

    Well, no, technically you'd be fine either way if your contracts are drawn up properly and he / his heirs are honest... BUT, we all know what kind of stuff can happen. So, bravo for thinking of this ahead of time.

    I would recommend a straight purchase with him carrying the note. That way the deed is transeferred into your name, with him as the lien holder. You would still owe his estate upon his death, but as long as you were meeting the terms of your note they would have no control over the property at that point.

    The wisest thing to do in a situation like this is to have YOUR attorney look over the documents prior to signing anything. It should cost you around $300 or less to have an attorney review everything. Tell them specifically what your concerns are and they should be able to explain to you what red flags may be present.
    wsdkmd's Avatar
    wsdkmd Posts: 2, Reputation: 1
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    #4

    Oct 5, 2008, 12:21 PM

    Oh may I add that he has already have a mortgage so basically it will be a land contract/assume of mortgagething
    rockinmommy's Avatar
    rockinmommy Posts: 1,123, Reputation: 82
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    #5

    Oct 5, 2008, 12:23 PM
    Yes, you may add that. And that makes me feel even more strongly that you need to have an attorney review any and all documents PRIOR to you signing them. Not his attorney, but you go out and hire your own independent attorney.

    If you can't afford to do that, then in my opinion you can't afford this house. There are multiple pitfalls on this one.
    bub47's Avatar
    bub47 Posts: 1, Reputation: 1
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    #6

    Sep 20, 2012, 07:14 AM
    Have a advertisement contract with company in central Florida. Is there a statute of limitations... Contract signed onSeptember 22, 2012
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #7

    Sep 20, 2012, 09:10 AM
    Quote Originally Posted by bub47 View Post
    Have a advertisement contract with company in central Florida. Is there a statute of limitations....Contract signed onSeptember 22, 2012
    New question; especially one unrelated to the previous question: new thead would be best.

    You have a time machine? Sept 22, 2012 is two days in the future.

    Yes, there is a SOL to enforce a contract.
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