I'm no legal expert but I have bought and sold on contract several times before. I see it as a win win situation. Seller has to do more legwork such as credit and background checks, and you would normally pay to have someone draft the forms. In turn You get a down payment now and a steady source of income for a period of time - like 5 years - without beating down the principal very much and you pay different taxes (less) on interest income. The buyer gets a chance to get his foot in the door without jumping through as many hoops as the bank (read bureaucrats) require. Make the contract for 5 or 7 years after which he has to pay the full amount but should have been able to make or break it by then and get money from the bank. If he fails he loses it all and least in MN a CD holder can forclose much quicker than a bank can (read bureaucrats). I'm not John T or others here who bear the burden of a legal education but have sat in the kitchen and spelled out the terms of a contract and then went and had them notorized and recorded at the registrar of deeds. It will only work with two honest parties and is good if you know the person interested or are from the same town, etc. By the same token, you can darned sure market your own property too. Pay for an appraisal then put an ad on craigslist or in the newspaper. You would be surprised at how effective it can be if you mention you would carry a contract. You can do a lot of legwork and maybe even buy a couple of for sale by owner signs at the hardware store for the price of a realtor. Yours is a bit more complicated because of the sibling so John T is right about hiring help but a contract for deed is a good and effective way to buy and sell property. I think for the seller, in this market, it is especially good.
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 - Seeing an Old Friend - by Joe Evans. Dad had a concrete contracting business starting in 1960. One of his first pieces of equipment was a Ferguson TO-35 with a Davis loader. Dad replaced the TO-35 with a MF 202 Workbull, essentially an industrialized Ferguson 35 I am told. Dad bought the 202 new in 1962, and I recall quite clearly going to the dealer with him to sign for it.
... [Read Article]
Latest Ad:
Sell 1958 Hi-Altitude Massey Fergerson tractor, original condition. three point hitch pto engine, Runs well, photos available upon request
[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.
