I would never sell property on a contract for deed.
I've seen too many times when the seller ends up getting the property (or business) thrown back at them when the contract fails. And often times, that property has been allowed to deteriorate while the buyers lived on it, but failed to make payments - thereby lowering its value. Then you are stuck trying to clean up the mess and try to sell the property again.
Also, IF I understood the lawyer correctly... the seller can end up being held responsible for any debt racked up on the property by the buyer when the contract fails (say they build a new 3 car garage). If that lawyer was correct - you could get the place thrown back in your lap, plus end up paying for the improvement to the property as well, in order to maintain a "clear" title on your property. *Regarding the debt matter: when we bought our farm on a contract for deed... we had to secure written approval from the seller's before we could spend more than $10K on any improvements. We also had to get their written approval before doing any tree or building removal/demolition.
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Today's Featured Article - The Fordson F Ignition System - by Anthony West. A fellow restorer contacted me earlier this year asking for some help and advice on a model F that he was restoring. He had over a period of months spent a fair amount of his hard earned cash on replacement parts for the old "trembler" ignition. Sadly though all his efforts seemed to be a waste of time and money as he still couldn''t get the temperamental old thing to run correctly!! If i said that this was a little frustrating for him that would be "conservative" in fact the problem had reduce
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