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Buying & Selling Real Estate

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Drew Dim
  • Rental Property Investor
  • Anchorage, Ak
8
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50
Posts

New Construction Contract

Drew Dim
  • Rental Property Investor
  • Anchorage, Ak
Posted Oct 25 2014, 15:41
So I have a spec house under contract, in order for the buyer to qualify for the construction loan, he says the lender requires that he own the land. How can I draft it to where I'll sell the land but guarantee that he won't back out in regards to the build??? Can I add a contingency clause that I get the land back and he gets any $ back should for what ever reason he wants to back out? I don't feel as if he'll back out but want to legally cover all of my bases. Any advice would be greatly appreciated!

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