Owner Financing 43 Acre Sale to Co-Housing Group
From: Maura Deering (mauraraining.us)
Date: Tue, 10 Jan 2006 08:06:49 -0800 (PST)
Hi Tony,

I'm assuming that you are arranging the sale to the LLC without using a realtor or broker, is that correct?

Without knowing the specifics of Louisiana property law, I would offer that, generally, you'll need a real estate contract (also called a land installment contract) that contains (at minimum) the following:

1. Time and manner for transferring title;
2. Procedure for declaring forfeiture;
3. Allocation of risk with respect to damage or destruction;
4. Insurance provisions;
5. Responsibility for taxes, repairs, water and utilities;
6. Restrictions, if any, on capital improvements, liens, removal or replacement of personal property;
7. Types of use;
8. Time and place for monthly payments; and
9. Indemnification provisions.

Maura Deering
Attorney at Law
Jackson Place Cohousing
Seattle, Washington

Date: Mon, 09 Jan 2006 07:12:31 -0600
From: "Tony Adrian" <nursingdata [at] msn.com>

My wife and I purchased 43 acres of rural land for a small, core group of individuals who are in the planning phase of creating co-housing. The group created a legal entity (LLC I believe). The plan is we will sell the land to the LLC as an owner financed deal with the LLC to pay us over 10 years with interest. Our intention is not really driven by the profit margin but to
help these folks get started before the land prices in our area make it
impossible. We will own the land outright within the next 60 days.

Any ideas of how to structure the transaction and any realistic pitfalls
that both parties should consider would be greatly appreciated.

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