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Ne Nebraska | You don't want to do a contract for deed. You don't legally own it until you have the deed. The family member that sells it to you could hit a busload of kids the last year of your contract and get sued, lose everything including the farm under contract, and there is nothing you can do- you would lose all your payments.
Buy the ground and have them take back a 1st Mortgage. Accomplishes the same thing and same cost at the end but you have the deed and are protected from a 3rd party situation.
Ask your lawyer, they can explain better. A contract for Deed is not the same as a seller taking back a 1st mortgage. Lots of people get the terminology mixed up.
Edited by Bonanza 2/24/2017 09:41
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Contract for Deed
