Hi everyone,
I am selling a house, the sale price is $700K. A purchaser wants sign a Sale and Purchase Agreement for $675,000 (title transfers to their name).
Then have another personal agreement between myself and them, which would involve a $300 pw "rent" payment which would reduce the 25K balance. Then in 1 yr they would pay the remaining balance. This agreement would place a caveat on the property (I guess for 25K).
Put another way: they pay me $675K now, then pay me $300 each week as "rent" (which will count towards paying off the 25K balance. In 1 year this would leave an outstanding balance of say $10K which they would make as their final payment.
Can any one give me any feedback on this? Is there a simpler better way to do it? They seem legit, but my concerns are naturally that last 25K and making sure I can actually enforce getting it.
Thanks for any suggestions/feedback.
thanks
I am selling a house, the sale price is $700K. A purchaser wants sign a Sale and Purchase Agreement for $675,000 (title transfers to their name).
Then have another personal agreement between myself and them, which would involve a $300 pw "rent" payment which would reduce the 25K balance. Then in 1 yr they would pay the remaining balance. This agreement would place a caveat on the property (I guess for 25K).
Put another way: they pay me $675K now, then pay me $300 each week as "rent" (which will count towards paying off the 25K balance. In 1 year this would leave an outstanding balance of say $10K which they would make as their final payment.
Can any one give me any feedback on this? Is there a simpler better way to do it? They seem legit, but my concerns are naturally that last 25K and making sure I can actually enforce getting it.
Thanks for any suggestions/feedback.
thanks
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