street
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- Joined
- Nov 30, 2016
- Messages
- 9,565
I'm looking for a route to pay remanding money to seller on a piece of land after initial payment for land. The remaining amount I would like to have in an account that would pay him for X number of years till the agreement is fulfilled. I'm looking for advise this deal hasn't happened but getting ducks in a row.
Is there a way that every year an agreed amount of money just goes to his account from an escrow. Is there a name for this kind of transaction for yearly payment instead of me making sure it gets done but is automatically taken care of.
I want this for the reason if I would die the money in the account would transfer no matter what to fulfill the contract. It might be the way he would like it setup also.
This will be a unique arrangement if it happens and would like to talk to him about the logistics & detail and offer some choices in payment that works for him. I would just as soon pay him and be done.
That is way I'm asking to be able to accommodate him, there is back taxes I would take care of legal agreement and surveying I also would take care if the deal worked out.
Any advice on a legal route for remaining money to be set in an account that he is aware of with the money in there transfer once a year for X amount.
Is there a way that every year an agreed amount of money just goes to his account from an escrow. Is there a name for this kind of transaction for yearly payment instead of me making sure it gets done but is automatically taken care of.
I want this for the reason if I would die the money in the account would transfer no matter what to fulfill the contract. It might be the way he would like it setup also.
This will be a unique arrangement if it happens and would like to talk to him about the logistics & detail and offer some choices in payment that works for him. I would just as soon pay him and be done.
That is way I'm asking to be able to accommodate him, there is back taxes I would take care of legal agreement and surveying I also would take care if the deal worked out.
Any advice on a legal route for remaining money to be set in an account that he is aware of with the money in there transfer once a year for X amount.