Posted by John T on December 29, 2010 at 04:46:48 from (66.244.97.31):
In Reply to: Land contract terms posted by andy r on December 28, 2010 at 20:54:28:
Andy, I have bought and sold farms using a Land Contract and prepared several since I became an Attorney and in answer to your question
"Is there sort of a standard for land contracts??"
Id say NO as far as the frequency of payments and rate of interest (subject to Mikes good information and any statutory interest limits and/or disclosure), I have used/drafted monthly payments and also yearly as you mentioned or semi annual. MOST EVERYTHING IS NEGOTIABLE
The agreement of the parties (provided no ambiguity) is all fine and legal as far as the Courts are concerned subject to some common law or statutory restrictions and the Statute of Frauds, Capacity, Legality, Writing, Max Interest, Disclosure, etc. etc. blah blah blah
Whats important is BOTH parties understand and agree to the written terms and theres no holes or misunderstandings and that the agreement is all contained within the "four corners" of the document, as a typical contract may contain language such as "this represents the entire agreement among the parties" which means something like additional verbal or side agreements arent recognized, and theres the similar Parol Evidence Exclusion Rule etc. The courts take the attitude if you wanted certain terms they better be in the writing or you cant come crying to us later lol
PS While both are legal, I take a slightly different approach if I'm drafting a contract for the Buyer or Seller. If for the Seller, I dont want to deliver or escrow any deeds or even have the document Recorded (once its paid Buyer gets a deed). If for the Buyer, Id prefer a Purchase Money Mortgage where the Buyer gets the Deed up front and the Seller takes back a Mortgage securing the debt or at least escrow the deed with everything recorded.
CONSULT A PROFESSIONAL, A LOCAL ATTORNEY FAMILIAR WITH REAL ESTATE AND CONTRACT LAW IN SUCH CRITICAL AND IMPORTANT MATTERS versus opinins offered on a Tractor Forum is my best final free professional advice.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
