Good luck :)No.Didn't plan on writing it up myself.Come to find out a friend of a friend referred me to a lawyer that's on BP.I simply wanted to understand the situation a little more before I walked into his office.I'm not trying to fleece the buyer, but the buyer wants me to tie up my property with him on payments when I could actually get a cash deal now.Interest rate and terms will be agreed upon by both parties before the buyer puts down his Option Deposit.I will have my lawyer draft the documents and I'm sure he would want his lawyer to review them to protect himself.He will not live in this unit.He will continue living in his current residence but rent this unit out as an investment property.Thanks for all the sage advice guys!

This Nolo article says asking prospective tenants to fill out written applications can protect you from lawsuits filed by irate applicants that you rejected as tenants.

I am more concerned about how I can be protected in this deal.

Extended lock options vary and are designed to add value to both the buyer and the builder since it gives the buyer insurance against future interest rate risk and the builder receives protection on their accounts receivable/inventory.If you're obtaining your own construction loan and take out/perm financing in one package, local/community banks may be a better option for owner occupied construction or spec build financing products.

It's basically the lender protecting themselves against a high LTV loan going bad.

Granted, until probate is complete the passage of title is not legally complete, but there is no point in time where "no one" holds title (and a dead person can never hold title).As others have said, you can add language to contract to protect yourself from the son coming after you for the mobile home, but if the son does not hold title to the mobile home, you cannot become the owner unless you find the guy who holds title and get them to pass it to you.

I used a standard P&S agreement but their attorney felt it didn't protect the buyer as well so they drew up another contract that will be between the buyer and seller and an addendum that states I get the $4,000.

Your security deposit is the only thing that protects you and gives the tenant skin in the game.

@Hector Perez,Most experience investors will want to know how you will repay them and what will protect their investment plus how much skin you will have in the deals...Joe Gore

HI Derek Check out my blog re Sub2s I don't know what NM laws are regarding recording the deed...In California you don't have to but in AZ where I buy properties I record the deed in an LLC to protect my assets but either way make sure you set up the safeguards I mention...I don't like lawyers getting involved... find a title company to handle the whole enchilada...Make your payments to them i.e.a collection company who in turn will service all the debt on the property....Any QA let me know