Legal-Ease: Buying or selling over time

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.¬†