Posted 5/15/2019 09:57 (#7498371 - in reply to #7497863) Subject: RE: Land contract do's and dont's?
Biggest thing, one see's it almost daily on here, there is no such thing as a verbal contract. If it isn't written down and signed by both parties it is not agreed upon nor binding in any court.
Personally I'd want him in the house as long as possible, saves on the headaches of dealing with an empty house unless you are just going to bulldoze when he leaves. I'd probably pay taxes and he covers the rest in trade for no rent unless we are talking about some really nice house that will be good rental income in future. Conversely I have known of several deals where the former owner had right to live in house for several years if they wanted and now with some cash in their pockets and really nothing to do on the place they move on pretty quick.