Advice on Contract for Deed/Escrow Account

[street]

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.

 

[pb4uski]

If the annual payment is fixed, IOW the same amount every year, for a certain number of years, then I think you could buy a single premium period certain payout annuity where you would be the owner and he would be the beneficiary.

This is often done for legal settlements s the insurer pays the plaintiff $x annually for y years.

 

[street]

If the annual payment is fixed, IOW the same amount every year, for a certain number of years, then I think you could buy a single premium period certain payout annuity where you would be the owner and he would be the beneficiary.

This is often done for legal settlements s the insurer pays the plaintiff $x annually for y years.

Excellent Idea. I will be talking to my attorney at some time or bank and see if there is something that may fit for him to work. Yes, it would be a fixed amount no interest applied to remaining pay outs. I want to visit with landowner soon to see what he is thinking on the logistics.

Thanks pb4uski