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Updated over 2 years ago on . Most recent reply
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Seller finance protection
Has anyone sold vacant land with a note carryback and been concerned that the person buying the land does something to create an environmental health hazard? I know when I sell the land it is my protection (collateral) to protect me from financial loss on the note, but if they stop paying and I foreclose how do I guarantee that they have not reduced the value to zero, or worse make me liable for any cleanup?
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@Kevin Zimmer write it into your contract. Not an attorney. This is not legal advice. My experience is that I added a contract an hazardous substances and compliance with all laws and regulations pertaining to the protection of human health and the environment.