Posted 5/15/2019 02:36 (#7497923 - in reply to #7497863) Subject: RE: Land contract do's and dont's?
A couple of thoughts:
Are you giving him the house for as long as he is able to live there, for xx number of years, or as long as he is alive? Big difference if he happens to end up in a nursing home for ten years and you can’t do anything with the house.
You say not much land, but the buildings etc. Who is responsible for Maintence and upkeep? Especially the house that you now became a landlord of.
What if something happens to you or him before the contract is fulfilled? Will it transfer to your or his heirs?
The last land contract weeded we had a lawyer draw up that each party was comfortable with. Something to consider, because if it wasn’t written, it is hard to prove it was said.