|
Ripley, Ontario Canada | I would think (although that may be dangerous and dependent on location) that if you based the sale on a reasonable appraised price, and set up a proper mortgage (all the fine print about security etc) that % financed vrs appraised value and interest rate would be solely up to the lender (in this case Dad) If there is already debt I think your dad would be 2nd or 3rd (depending on how many debts are registered against the farm) in line if farm was forclosed. The best thing to do would be for you to pay out those debts if you could. Otherwise you will likely have to get the debt holders permission to change the ownership structure or transfer the debt to your name. If you had some "down payment" money you could use that to pay the outside debt and then mortgage the rest from dad. | |
|
Rock in a Hard Place: Suggestions Please!!
