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.
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 - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
... [Read Article]
Latest Ad:
Oliver 550 Diesel runs like a watch three point hitch pto engine gone threw about two hundred hours ago nice clean tractor
[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.