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5 year Land contract then ballon payment forms
I like to sell my condo on land contract for 5 years then want to get ballon payment at end of five years, I like t0 collect real estate taxes and conominium monthly fee and monthly insurance from purchaser so I can make sure it get paid on time,which kind of legal land contract form I should use in Michigan, thank you
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Good luck getting someone to sign that... why would someone agree to a ballon payment after only 5 years. I think a lot of people that thought that sounded like a good idea learned otherwise, oh say in the last 6 or 7 years. Not to mention long term fixed rate interest rates are still at near record lows right now.
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On any land contract, spend the extra money and have it drawn up by an Attorney, do not use a blank, fill in the box...
Make sure, there are provisions: if they do not pay... if they make unauthorized changes... if they violate any HOA rules.. if they do damage to home... if they move in other people, if they rent it to someone else, if they sell it to someone else. Think of any and everything that could go wrong and have it covered in the contract. |
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Using a contract form is not the best idea. Draw up the general terms you want for the sale and see if you can find a buyer that will accept them. If you do, then go to a real estate attorney to draw up the contract.
You may get someone to agree to the balloon payment if the feel they can build up their credit during that time to get other financing. But such a contract will most likely be a negotiation. |
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