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Updated almost 11 years ago on . Most recent reply

User Stats

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

New Construction Contract

Drew Dim
  • Rental Property Investor
  • Anchorage, Ak
Posted
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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