South St Paul, MN - first multiplex contract for Deed

[Tony Thomsen]

I’m developing cold feet A contract that favors the seller and a standard Minnesota contract for deed. The roof of the 4 Plex worries me and any repairs done to the property is mine to do at contract signing. The roof, I’m not sure if it’s bad, but will payout of my own pocket for an independent inspection But the standard Minnesota c4d gives the seller soooooo..... many ways for the owner to “screw me” out of repairs and legal fees paid to him for repairs. Shoot, if I don’t inform him of any repairs above $400; I am breach of contract. If repairs are not performed; breach WHAT IF: I perform the repairs and the seller gets my $25000 down and monthly payments and then gets a lawyer. According to the contract I would be liable for paying all legal fees. He wants to add a penalty in the contract that is higher then Minnesota c4d “RULES” By adding this the contract would be void. RESULTS contract voided. Property back to seller. ———————————- Inspections and talking to a legal expert would help. It’s not even the 25k down that worries me. The owner is 62 and (no family) and wants to retire in 3 years The rents cover the expenses including the monthly payments. The owner seems to be honest I need advice. Thank you

[Daniel Kurkowski]

Hey Tony, I am in St. Paul and while not an attorney have plenty of experience with CDs and work with plenty of good contractors.  Feel free to PM and we can set up a phone call if you would find it helpful.  I can't provide any legal advice but am happy to share some anecdotal experience.