A Land Contract Should Always Be Reviewed By A Lawyer
Everyday in America, properties are bought and sold without using a realtor. In most of these cases, the buyers and seller enter into a land contract. One mistake many buyers and sellers make when entering into a land contract is going online and printing out a generic land contract document and figure that is all they need. According to lawyer John Hayes, that is not the case. “As with most contracts, these are negotiated agreements that contain subtleties that can change the agreement to favor one party over the other unintentionally. Even when all parties are in agreement on the terms, these subtleties can produce unintended consequences that can alter the relationship and outcome,” said Hayes.
Although a land contract may seem simple, they are far from it.“There really is no simple land contract; you should always have an attorney review for these potential unintended consequences to make sure the agreement is accurately reflected in the terms and discuss potential tax consequences with the terms contained in any agreement.”
Land contracts can be a great way to buy or sell property, but make sure you have a lawyer review your land contract before you sign the document.