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Tractor Talk Discussion Forum

Re: Buying first farm questions on farm loan/ land contract

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John T

04-01-2013 19:20:42

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As an attorney who practices in this area my advice would be to hire a local real estate attorney and ASAP have him draft AT LEAST an Offer and Acceptance to Purchase Real Estate (Contract for the Purchase of Real Estate) and it will contain the basic terms which will be followed up by perhaps,,,,,,,,,,,, an Installment Land Sale Contract,,,,,,,, perhaps with a balloon clause,,,,,, or perhaps at some time you will furnish cash in exchange for a warranty deed,,,,,,,,,,,or perhaps the owner will issue you a deed and take back a mortgage and you sign a promissory note,,,,,,,,or TEN DIFFERENT OR OTHER WAYS IT CAN TAKE PLACE...

EACH plan above has advantages and disadvantages and it depends if you're the Seller or Buyer and there are all sorts of ways this can be done THATS WHY YOU NEED TO CONSULT A LOCAL COMPETENT PROFESSIONAL EXPERIENCED ATTORNEY and dont bet the farm and take a big time gamble on whats said by anyone (including myself not knowing the circumstances) here, theres too much at stake here YOU NEED TO CONSULT WITH A PROFESSIONAL ASAP

When I represent a Seller I have no problem going with an UNRECORDED installment land sale contract with a legally permissible default clause but if I represent the Buyer Id prefer a Deed with the owner taking a mortgage and my client signing a note. Note what may be perfect for someone here may BE TOTALLY WRONG FOR YOUR PURPOSES so keep that in mind

HIRE AN ATTORNEY is my best free professional advice

John T Attorney at Law

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David G

04-01-2013 20:12:11

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 Re: Buying first farm questions on farm loan/ land contract in reply to John T, 04-01-2013 19:20:42  
John T, I always look forward to your comments.

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John T

04-02-2013 05:13:31

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 Re: Buying first farm questions on farm loan/ land contract in reply to David G, 04-01-2013 20:12:11  
Thanks, I try to give sound advice, may not always be exactly right but Id NEVER knowingly steer a person wrong

Take care n God Bless

John T

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David G

04-02-2013 06:04:21

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 Re: Buying first farm questions on farm loan/ land contract in reply to John T, 04-02-2013 05:13:31  
God Bless you too.

We do not always get a lot of big pleasures in life, so have to count the small ones.

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John T

04-02-2013 06:54:17

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 Re: Buying first farm questions on farm loan/ land contract in reply to David G, 04-02-2013 06:04:21  
The way I look at it if you have God first then family then your health that pretty well takes care of life......We have been blessed, 42 yrs with the "first wife" raised 3 good kids, retired and RV travel a lot plus have been blessed so far with good health, so I'm a contented happy RICH MAN, wouldn't trade with any Hollywood celebrities and their drug lifestyle for darn sure

Ol John T and all

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