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jeffamann · Joined: 22 Jan 2010 Posts: 1 1.33 Dollars($)

I am selling land for a custom home. The buyer will put 20% down and wants me to finance $600k for 3 years until the build is complete. He will then get a traditional mortgage and pay off the land. His monthly payments will be interest only, not applied to the balance owed. To build he will need to take title, so would this be an installment payment contract? Also, I own the land with no mortgage and he has cash for the build. I will be in first position but I am worried if he can't make his construction liens and the monthly interest payments.

gmakerley · Posted: Mon Jan 25, 2010 8:14 am Post subject:

have you consulted with an attorney as to how to go about this? the scheme sounds a bit too convoluted for my tastes, but with legal assistance, you may be able to structure things in such a way as to actually come out of it okay.

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I am a seller financing land for a buyer. Which type of contract is right for our transaction?