Land Contract/Contract for Deed

[Wasch_24]

Hey guys, do any of you have direct experience, or know someone who has direct experience, in land contracts as the seller?

I ask because we may have an opportunity to sell our house in this manner to the child, and her spouse, of one of our neighbors.

From what I have seen in my research so far, and in talking with my Father, it seems like a pretty legit option to sell our home at the appraised value without incurring an ass load of realtor and bank fees. Obviously, there will be expenses involved, for a lawyer to help with the contract and other things, but nothing near what a realtor would take from us.

Any experience or knowledge of the subject that you guys could share would be bery much appreciated.

 

[Jfire]

You could always find a standard contract online, write it between both parties and have your attorney and the buyers attorney advise on the sale. I could look up the contract I use and send it to you. The attorney is going to make sure you don't get fed anyway. My attorney fees ran 375 for my last closing and 675 for the new lot I just purchased. He had to do more work on this last closing.

 

[Wasch_24]

Yeah, there are a lot of templates available on the net.

That is right in line with what I was anticipating for legal fees...$300-$600.

If you can locate your contract and send it to me that'd be great.

wasch24-at-gmail.com works well.

 

[Jfire]

no prob Todd just need a day.

 

[Wasch_24]

Thanks man!

 

[Bama46]

Bear in mind that state laws regarding real estate differ. Be sure the form you use is legal in Nebraska or your attorney will want to draft one at your expense!

 

[Wasch_24]

Yep. I have a few templates from Nebraska saved already.

Thanks though.

 

[Clint]

A nickel's worth of free advice...

A family friend of ours is a real estate attorney. He advised my wife and I every step of the way when we bout our condo, sold our condo, and bought our current home.

He provided a safety net for any possible legal problems....I highly recommend looking into having someone like this to help you steer a pain free path through this!


Best of luck!

 

[Wasch_24]

Thanks Clint...good advice for sure.

 

[gui_tarzan]

I'm considering doing the same thing for our old house, finding good renters is very hard and bad renters are a major pain in the ass.