Contracts And Making Up Payments
Is there a contract that can be drawn up that states:
Mr. Seller, I'm giving you $X dollars for your equity and you will make the next 2 payments and I will take over in blah month. Also, if I make up your back payments, those monies will be deducted from the amount that is being given to you for your equity."
Do you right this in the standard purchase and sales agreement? or can you draft another form.
Are you taking title to the property?
yes
via land trust and LLC as beneficiary
Yes, and you just wrote it. You can insert these conditions on a standard form. Escrow the seller's (2 month pymt) obligation or get a promissory note from him.
thanks
If the seller is going to retain title to the property until you do, I would suggest adding some language to the agreement of sale (if it's not in there already): requiring the seller to maintain the property in its present condition, normal wear and tear excepted; maintaining property insurance for at least the amount of the purchase price; giving you reasonable access to the property on prior notice to seller; prohibiting the seller from selling the property to anyone else; prohibiting the seller from entering into any leases that would not terminate by the date you take title; prohibiting the seller from incurring or giving liens, easements and other encumbrances other than what already exists on the property.