|Owner Financing 43 Acre Sale to Co-Housing Group||<– Date –> <– Thread –>|
|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 tohelp 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 pitfallsthat both parties should consider would be greatly appreciated.
RE: Owner Financing 43 Acre Sale to Co-Housing Group stuart, January 9 2006
- Re: Owner Financing 43 Acre Sale to Co-Housing Group Sharon Villines, January 9 2006
- RE: Owner Financing 43 Acre Sale to Co-Housing Group Tony Adrian, January 10 2006
- Owner Financing 43 Acre Sale to Co-Housing Group Maura Deering, January 10 2006
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