Often a property owner may wish to lease a portion of his or her land to a builder or contractor without selling the property outright. This typically occurs when the owner wishes to retain part of the property for his or her own uses, but does not want to develop on all of the property he or she owns. For this type of transaction to take place, a lease/land contract must be drafted, outlining the terms of the lease such as how much property is to be leased, how the property must be used and when the lease will expire.
A lease/land contract must be drafted with care, as a single mistake could make the entire contract null and void, or will not constitute a legally binding contract. Having an experienced real estate attorney assist you in the drafting of your lease/land contract is the best way to ensure that your property is protected. Alternatively, if you are preparing to sign a lease/land contract, it is a good idea to have an attorney review the contract for errors.
At the Law Firm Of Dykeman & Rosenthal, we can assist you with your lease/land contract needs. We can help you to understand the legal jargon that often makes a contract of this nature more complex, and how it relates to you. Before drafting or signing a lease/land contract, call us to schedule an appointment for a consultation to review the contract. We can help you protect your assets and protect yourself. (859) 745-1700.