Legal Question in Real Estate Law in Missouri

Type of Contract Needed

Would like to purchase parent's land on a monthly installment basis, but want flexibility to allow them to sell to an outside party if they find they need to sell in order to generate income for living expenses (or medical care when they get older). Would like first option to buy, but if they must sell to outside party would like to be able to receive back the amount paid in up to that point. What type of contract would be used and is this type of arrangement possible? Parents need some financial assistance now and this seems like a win-win situation as we would be happy having the property and their pride remains in tact in terms of accepting money from us. Any potential pitfalls to watch for?


Asked on 7/09/08, 8:06 am

1 Answer from Attorneys
Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

Re: Type of Contract Needed

You should really ask this of a Missouri attorney to be safe. Try googling the Missouri State Bar Association and looking at their attorney referral service. Good luck!

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Answered on 7/09/08, 11:51 am


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