Buying land on terms. VERY IMPORTANT! Thanks.?

I found a great deal. There is 40 acres for ,000. Here is the thing. I am going to graduate college this December. I have been looking at this land for 5 months now. The land has hills right by the rocky mountains. Unless have 4×4, can only access half of the year. I plan to acquire this land to be established on in the future and rent apartment at the same time. Recently I talked to the owners again. They know I am starting out in life and are willing to work with me. Most owners want like ,000 down which is reasonable, but the month is April. I will have ,000 saved by August working this summer. We are going to meet tomorrow and discuss details, just form a plan. The owners said that they talked the situation over and said that they would be willing to let me pay 0 a month till August and 75% of that 0 would go toward my down payment and the rest toward principal amount. The good thing is that 0 a month would be taken away from the ,000 due in August. Then after August I would pay 0 a month carried out for 7 years by owners and have a balloon of about ,000. But I would definitely pay ahead more than minimum of course to lower the balloon.

Here are my questions:

1. Is this a good or bad deal? Please explain why.

2. When I sign a contract of how things and payments are going to occur and so on, is the land considered mine unless I default on payment?

3. What form of legal document do I get stating the land is mine while I make the payments?

4. Do I receive the deed after the whole amount is payed off, or some sub deed before hand?

Thank you for all your help!

* 10 hours ago
* – 4 days left to answer.

Additional Details
oh, and interest after down payment will most likely be 7%.

Any more info, please let me know
swgj19@yahoo.com

One Response to “Buying land on terms. VERY IMPORTANT! Thanks.?”

  1. jobseeker77777 Says:

    Bad idea. You first need to build an emergency fund that would be for living expenses in cased you didn’t have a job. These days it’s taking much longer to find work and it is recommended to have 6 month’s savings. You need to establish yourself first before investing in land that you won’t be able to live on currently. These days, with a big enough down payment, mortgages are 5%. Wait. Other great deals will present themselves in years to come. Built up a reserve first.