Asked in Land Use & Zoning and Real Estate Law for North Carolina

Q: I own some land and I have a promising buyer. Can I have money fronted from that buyer now and reduce the total price?

I own some land. I know someone that has promised to buy it. Is there any type of document that could be drawn up that allows me an advance of the price the buyer has promised before time of sale so that at time of sale the amount would be less en bloc. E.g. promised 30,000. I ask to have 5,000 now. With the promise that now the price at time of buying is 25,000. Is there any legal document or protocols that can make something like this official without the buyers risk?

1 Lawyer Answer
Will Blackton
Will Blackton
  • Raleigh, NC
  • Licensed in North Carolina

A: Probably. Have you already entered into a written sales contract? You state that the potential buyer "promised to buy it." In North Carolina, all contracts or agreements to sell or convey land must be in writing to be enforceable.

There are a few ways to accomplish your goal and determining which is appropriate will depend on what the buyer is willing to do. Contact a NC attorney to discuss your situation and drafting options.

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