Businesses and individuals often want to buy or sell something over time. There are four items to consider when entering into a sale or purchase “over time.”
First, if the sale includes a house or land with a house, it may be referred to as a “land contract,” which requires numerous legal requirements. Second, if the subject of the purchase is real estate that isn’t a house, the buyer and seller can agree to almost any terms they want. Third, if the subject of the purchase isn’t real estate, and it’s personal property, the buyer and seller can be flexible in terms as long as the personal property isn’t a retail item. Finally, every installment sale should be reviewed by the buyer and seller’s tax advisers.
Individuals and businesses often desire to purchase or sell something between each other with the full payment for the purchase not being made until a later date. There are four considerations to contemplate when entering into a sale or purchase “over time.”
First, if the subject of the purchase or sale is a house or land that includes a house, the transaction may be what is commonly called a “land contract.” A land contract (technically, legally called a land installment contract) that involves a house must include numerous legal requirements.
Read Lee’s full post about buying and selling over time in the Lima News here: Legal-Ease: Buying or selling over time
Source: LimaOhio.com, “Legal-Ease: Buying or selling over time,” by Lee R. Schroeder, May 18, 2019
Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at Lee@LeeSchroeder.com or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.