beagleboy Posted January 30, 2012 Report Share Posted January 30, 2012 I have a unique opportunity to purchase land with a friend in another state. I have known and hunted with him for several years. I do trust my future partner but I believe i need to protect myself legally. What would you put into a contract between two parties when purchasing real estate? Thanks for your opinion. Quote Link to comment Share on other sites More sharing options...
CoonChatter Posted January 30, 2012 Report Share Posted January 30, 2012 Never buy anything with a friend. Get the land split into two parcels and each pay for one, independent of the other. If you go in together, at some point, one of you is not going to like what the other wants to do and you will have a falling out and then trying to come up with a way to buy the other one out will suck. Best thing to do is not do it. Quote Link to comment Share on other sites More sharing options...
hoosierhunter Posted January 30, 2012 Report Share Posted January 30, 2012 first right of refusal set price for other party to buy out at set rules for late payment by other party Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted January 30, 2012 Report Share Posted January 30, 2012 Dunno that I would buy land with a friend. If you feel the need for a contract, then it sounds like you may already have some doubts. Advice above is probably pretty good advice if splitting the property is an option. Quote Link to comment Share on other sites More sharing options...
beagleboy Posted January 30, 2012 Author Report Share Posted January 30, 2012 I don't like entering anything without a contract. Friends are friends but this is a business agreement. Thanks for the opinions so far. Quote Link to comment Share on other sites More sharing options...
Ohiobucks Posted January 31, 2012 Report Share Posted January 31, 2012 When $$$ comes between friends, bad things happen. Are you sure you can trust your friend? Think about it long and hard, then think some more... Quote Link to comment Share on other sites More sharing options...
dbHunterNY Posted January 31, 2012 Report Share Posted January 31, 2012 you should have a reality lawyer write up the contract. ask them. some good advice above though. thing about contracts is if they're not written right, you could put something in there that could turn things against you. Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted January 31, 2012 Report Share Posted January 31, 2012 buying land with a friend is not a bad idea. buying it without a contract is. have an attorney set up an agreement, specifically telling who owns what, and a buyout agreement. think about this: you and your buddy have a great property, and put lots of sweat and have good times with it. 10 years from now, he gets killed in a car accident and his family wants.... you got the picture. you not only lose a friend, but the battle begins. take care of the future now, to protect you BOTH. Quote Link to comment Share on other sites More sharing options...
LETMGROW Posted January 31, 2012 Report Share Posted January 31, 2012 (edited) I would not. Plain and simple. You are inviting disaster to a friendship. What happens down the road when one of you decides to build a house on the land? Someone invites a friend to hunt there who the other doesn't care for? One of you decides to move to another state? One of you gets married and the wife has plans you can't all agree on? Etc, etc. ????? I'd go it alone where you have the final say or run away from the whole transaction. You may be headed toward your first disagreement just deciding which one of you is going to be the actual buyer. Lynn Edited January 31, 2012 by LETMGROW Quote Link to comment Share on other sites More sharing options...
wyohunter Posted February 6, 2012 Report Share Posted February 6, 2012 i would buy it if your protected with a contract...and it needs to specify that in case of one or the other gets divorced, no ex wife can get it...lol just saying Quote Link to comment Share on other sites More sharing options...
fly Posted February 6, 2012 Report Share Posted February 6, 2012 I'd do it - but it would have to be 2 equal parcels. Both can sell, but has to offer it to the other for a set price first. If something happens to either of you name the other as beneficiary (this can be done legally - a will). Funny thing... how a woman you intend to spend your life with will often try to take as much from you as possible once two letters get placed before the title. Quote Link to comment Share on other sites More sharing options...
LETMGROW Posted February 8, 2012 Report Share Posted February 8, 2012 A lot of good ( seemingly ) advice here. BUT: I still wouldn't do it. Even with a contract between you, if something did happen, either party could go to a lawyer. This is when the fun and $$$$ starts. I always believed in the old saying: " If it weren't for lawyers, you'd never need one". Lynn Quote Link to comment Share on other sites More sharing options...
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