Weighing Options for Seller with Carryback Loan on Land

Carryback loan on land

Question: In one of your columns a buyer had purchased forty acres of land in northern Arizona (“Forty Acres”) with financing for the purchase of this Forty Acres by a seller-carryback $200,000 five-year mortgage loan. After five years, however, there had been none of the anticipated development in the area, and the Forty Acres was…

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Promissory Note to Pay Debt with no Date for Payment

Question: I am a licensed home inspector. On a rainy day this summer, I did a home inspection on a home in Chandler for the buyers. I noticed some standing water in the backyard next to the guest house which I thought was due to rain fall. Three days after the buyers moved into the home,…

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