Personal real estate deal

[Heidi-Marie Jones]

Hello.

I am buying 40 acres of vacant land from my moms husband.  He is selling it to me for $150,000 with the plan that I pay him $400 per month for 30 years with zero interest.  If he dies mybpayment go to my mom to support her. If they both die I stop paying and fully own the property.

What are the best steps to go about this to make sure I am fully protected.  He is very kind to me but is a hard man and someone that i believe would be nasty if something went wrong.  So I need to make sure I have everything done right to protect myself the best I can.

I was told to have a mutual release, i also assume it would be a contract done up by a lawyer?  What all do i need to do, have written up and sign to be fully protected?

I figure this is a good one to do because it will teach me right from the start how to protect myself. 

Thanks for all your knowledge and advice in advance.

Heidi

[Roy Cleeves]

You are best to have a lawyer draw up the contract and have him get his own lawyer so that he has independent legal advice.  
Ask the lawyer to include additional situations that may arise such as your rights to build on the land, severe the land and sell part of it, even sell all if it prior to the end of the 30 years, etc

And what happens if you cannot pay?

It is an amazing deal yet only if the terms are acceptable to you as well. 
you need to know all of the terms with all of the possible exits that you might need in the future. 

Clear legal agreements will help keep the family happy. 

Beat wishes