V
vaangel
Guest
i have 2 acres of land in virginia that i am going to sell and i have a few questions that i hope someone can answer. we are only asking 7500. for the land. the people that want to buy it want to give us 5000. down and pay the rest off in 12 months, which is fine. we told them for us to do that we would have to have 250.00 a month to do it like that. they have tried to borrow the balance from the bank, but the bank won't finance them. we have decided a date as to when the payment will be due, what would be reasonble as to late fees and how long after the payment is due should we access the late fees? they are renting the land now, but have been late a few times. also, would it be legal for us to put in a clause that if they are over a month late the land will fall back to us? we done a rent to own with them before on a mobile home, and never put anything in the agreement of late fees and they were late every other month it seemed. i want to better protect ourselves this time. we have already informed them that a lawyer would have to draw up the agreement and they were to pay the fees. i think that is reasonable, is it? thanks