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St.Clair Co. IL. | I purchased my farm back some 40+ yrs. ago, bought it bond for deed, we both put things in the contract that would benefit each of us. I wanted to contract to be paid in full 10 yrs. after the owners death if It was say 15 yrs. yet due, he wanted 5 yrs. after his death to be paid in full, we agreed on 7.went into the contract, I wanted to be able to build on it after a few yrs. of payments, he agreed went into the contract, so like others say have a lawyer draw it up, think about things you want to have in writing and discuss it with the owner, now I could not barrow money against the farm I was buying without the owner giving me ownership of the land I wanted to build on, things may be different now,
It worked well for me I even had a clause that I could MISS the principle payment ONCE during the life of the contract, but had to pay double the next yr. to make it up.
So think what might help your case and see if you can get it written into the contract. and with interest as low as it is interest you pay them should not be a major point
good luck and have it all done legally
Bob | |
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Contract for Deed
