Land Contract Laws for interest rates

[beannbay]

My jurisdiction is: Wisconsin

Hi, I am looking at buying my grandmothers farm on land contract. She will be moving to the city and she needs to get fair market value for the house, in case she would go into a nursing home before the contract was completed. She really doesn't need the money I am wondering what the lowest legal interest rate is on a land contract or if you even need to have interest on a land contract. I've searched the internet for the last three hours and I cant get an answer. Is the lowest interest rate 1% above the prime lending rate by the fed? and does a land contract need to charge interest?

thanks a million

Ben

 

[lwpat]

You and your grandmother can negotiate the price and terms. The lookback for Medicaid is five years but if she has other funds that will not be an issue.

 

[rozerjack]

Re:

Land contracts can help those who lack good credit to have the chance to own real estate. A land contract can either help or hurt you. As in any contract, the devil is in the details. If you plan to go down this road, please study this Tip carefully, exercise caution, and seek sound legal advice from an attorney you trust.
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