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    clp55's Avatar
    clp55 Posts: 1, Reputation: 1
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    #1

    Oct 14, 2011, 06:08 PM
    Paying interest
    If a land contract does not specify a percentage of interest on payments, does the buyer still have to pay nterest on the purchase?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Oct 14, 2011, 06:15 PM
    If you have a contract, it may not specify interest at all. It WILL specify what you have to pay and when. You need not pay anything more than listed in the contract.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Oct 14, 2011, 06:55 PM
    Does it not list the amount of the monthly payments and for how many months they are to be paid ?

    I never list amount of interest on any of mine ( since I charge so much) I merely show the amount of monthly payments, and the length of time it is for.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #4

    Oct 15, 2011, 06:45 AM
    Quote Originally Posted by Fr_Chuck View Post
    ...
    I never list amount of interest on any of mine ( since I charge so much) I merely show the amount of monthly payments, and the lenght of time it is for.
    You are, I trust, aware of the usury statutes, and have determined the applicable exception for your situation?

    "§ 7-4-1. "Usury" defined
    The term "usury" means reserving and taking or contracting to reserve and take, either directly or indirectly, a greater sum for the use of money than the lawful interest."
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