Advice needed on what kinds of agreement

quidsy

Someone wants to buy land I own overseas, I want them to buy it as I don't want it & the person who left it to me would want them to have it if I don't. They don't have the full amount £20k but I am happy to let them pay by installments, min £200 pcm, extra when possible) over a number of years.

I don't need to get into the issues of this kind of informal deal re: falling out etc... we trust each other, they have had full use of the land for the last 6 years & we have finally come up with this solution because they can't get a loan outright.

We are looking for some kind of agreement that we can both sign & have notorised, stating that they will pay xyz per month into my savings account & once the figure reaches £20k we will sign all land papers etc giving full ownership to them. A few other clauses such as they are allowed x amount of payment breaks per year etc to be agreed before drawing this up but nothing mega.

I am in a good position as I will still hold deeds, legal registered ownership etc in country concerned but we want something just in case one of us reneges on the deal. i.e they fail to pay the full amount.it or I refuse to sign over land papers once they have paid in full. (very very unlikely)

My question I suppose is, can we make our own agreement then just take it to be notorised or will it need a more official approach?

We both appreciate that it is very unlikely to be legally binding but more of a record of our agreement in case things go sour (again very very unlikely, he is getting the deal of the century & a shot as his dream life & I am getting £20k & losing the stress of owning land in a country I have zero intention of ever living in & would never visit again if I could avoid it) and we had to take it to a small claims court.

Many thanks.

mikey_l

If you're happy to let the other party carry on using the land and you're not looking to sell to anyone else then why not just let them save up the money in their own savings account and pay you the £20000 when they have it, or if you wish, a bit more to compensate for the interest you will have lost due to the the money not having been saved in your own account.

ConsumerWizkid

I think you can create an agreement yourselves and have it notarised if you want something legitimate in place. It's quite a specific question that you might want to speak to with a lawyer specifically that deals with this kind of contract law!

jonesMUFCforever

You also need to tell us which country this land is located as if you have to take legal action it will be the law of that country that you will need to apply.
To me I would insist on full payment first.