Calling any experts on Utah Land Contracts

[susieq]

I have a client who is a legal resident of Utah. She lives in CA in a Senior Complex. She has a house in Utah that she rents out. She is anticipating a sale and wants to know if there is anything she should know about setting up a contract for collections of the proceeds.

I suggested that she contact a realtor but she would rather do this on her own. How does she determine the interest rate for the contract ? Are there forms that she could follow or a State Dept that could give her some guidance ?

Thank you for any info available.

[Bees Knees]

She could go to college for 8 years and take the bar exam and get her law degree.

Other than that, I have no other advice other than that she should hire a professional that knows the language that needs to be included in the contract to make it legal and binding.

[Luis Mopeo]

Agree with Bees. Real estate isn't the same as anything else. You can sell a car or anything else with an informal agreement. It doesn't work that way with real estate. Two people can have the terms all worked out on a sale of real estate, they can agree on everything and everything can go like clockwork, but if the i's aren't dotted and the t's aren't crossed according the subtleties of state and local laws, the whole thing can fall apart. And you might not know it for years. That's why mortgage companies do such extensive title searches.

You can sell real estate, but unless you stand on one foot, turn around, flap your arms in the direction of the county building, or whatever it is they do, the legal title hasn't passed.

I'd suggest not getting involved unless your client has professional representation on the sale.