Has anyone had any experience on this topic? Experience, good or bad? Opinions?
I have BOTH bought and sold using MANY Land Contracts
I have as an attorney drafted MANY Land Contracts for BOTH Buyers and Sellers
So YES I have experience.
Okay heres the deal, as an Attorney and one who has also bought and sold many times on contract THERE ARE ADVANTAGES AS WELL AS DISADVANATGES FOR A CONTRACT SALE VERSUS A CASH SALE. Im NOT, however, going to spend an hour here compiling an extensive list since you already have an Attorney and a CPA who are more familiar with your situation and your states laws then myself an attorney or others here.
There are TAX ADVANTAGES for a contract sale BUTTTTTTTT it carries many many more legal risks (regardless what untrained people might think) and thats REGARDLESS how well the contract might be drafted. Actually I approach a contract two different ways, I prepare it one way if Im repping the buyer yet another if Im repping the seller YET BOTH ARE PREFECTLY LEGAL AND FAIRLY IRON CLAD butttttttttttt things can happen situations can change to a point that it dont matter what the contract says YOU CAN STILL BE OUT ON A LIMB AND OUT A TON OF LEGAL FEES
My best free unresearched yet still trained professional advice (1) is this: ID PERSONALLY ADVISE YOU TO NOTTTTTTTTTTTT SELL ON CONTRACT BUT GET THE CASH that way may mean more tax consequences but believe me (experienced attorney who knows) THERES FARRRRRRRRRRR LESS RISK
My next free advise is to maybe just maybe rely more on a local experienced professional attorney and a local experienced professional CPA then non trained non professionals.
There it is, so stay away from lawyers and CPA's if you like, or do what Billy Bob and his brother advise, its your money and your choice and theres a lot of money and risk involved (even if some people arent fully aware of such) so decide who you want to listen to I guess.
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