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P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 25483
Experience:  12+ yrs. of experience including real estate law.
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We are purchasing a manufactured second home in a vacation

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We are purchasing a manufactured second home in a vacation community. We are paying 40% down, and the owners have agreed to carry the balance for two years. The paragraph in the contract that they provided indicated if we miss a payment, the deed will be transfered back to the former owner and we will forfeit all money paid, which will be over $100,000. Is this standard language for these types of real estate contracts in Arizona, or is there other language that we should include to protect out investment?
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  P. Simmons replied 7 months ago.
Thanks for the chance to help. I am an Arizona attorney with over 12 years experience. Hopefully I can help you with your legal question.

This is NOT standard language. At all.

But it is not illegal. If you agree to this language, then the courts can hold you to the language.

What else can you do?

Loose that language. Or modify it significantly. Frankly, I would not agree to this...it favors the seller greatly. Perhaps if they grant you some concession for this incredibly biased language...so, for example they give a significant break in the sales price. Or they have some safety provision that allows you to pay off the balance of the note if you miss a payment, so long as you pay in a certain timeframe.

But were it me? I would refuse to sign such a contract.


Please let me know if you have more questions...happy to assist if I can
Customer: replied 7 months ago.

The seller seems accessible enough for us to present some different language, if we sent you the contract is this something you could assist us with? if so, what type of cost would there be and if not could you suggest someone?

Expert:  P. Simmons replied 7 months ago.
I can not review the contract. While I am an AZ attorney, the rules of this website prohibit me from taking this action (from drafting provisions for you)

You can find some to review the contract here

http://www.azbar.org/Public

On the top right there is a search box...if you put in the term "contract" you will find lots of lawyers who can assist.

What you need, more than anything, it to ensure that your rights as a purchaser are protected. If the seller is willing to work with you, have a lawyer draft the contract for you and use it.


Please let me know if you have more questions...happy to assist if I can
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 25483
Experience: 12+ yrs. of experience including real estate law.
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