Legal Question in Business Law in Minnesota
Proper form and where to get it
I am signing over the title of my moble home to my son with the agreement that he will pay a spicific amount each month until it's paid in full. What kind of a form should I use?
Asked on 1/24/07, 7:49 pm
1 Answer from Attorneys
David Anderson
Anderson Business Law LLC
Re: Proper form and where to get it
You should do a Purchase Agreement with Security Agreement attached.
You should NOT sign over the title until PAID IN FULL.Make sure you charge interest and have an Attorneys Fees clause in case it doesn't get paid on time. I have seen dozens of similar cases where the payments stop because no proper agreement or protection for the seller was set up.
Answered on 1/24/07, 10:48 pm
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