closing costs with a land contract?? (low income, real estate, lawyer)

[anyasmommy333]

hi I have just made agreements and arrangements to purchase a very small home and piece of land via a land contract. The only catch is I have no idea what papers need to be filed with the city or county and I was told that doing so would be considered closing costs. What papers would I need to file and what would the closing costs be for such a contract?
The purchase price is $25000. With 5 years and interest of 7%. So the final cost would be $26750. With 10%($2675.) Down payment. We want to keep it as cheap as possible all around as me and my kids are low income and one step away from homeless. Any info on this or maybe even a pro-bono lawyer that would be willing to help would be greatly appreciated. Thanks so much.

[bentlebee]

I can only say that many title companies and real estate lawyers won't handle deals like that due to the amount of lawsuits that aren't worth the get involved in, down the road.

I can't help you further other then a lawyer I came across for a deal had already issues with the Bar and that lawyer was doing deals like that.

[Pragmaticus]

I don't have advise for you about the legal side but just want to say that there is no way 7% interest rate would give you the total figure you are putting out over 5 years. Total cost is at least 29k. You better check your math.

[bentlebee]

Keep in mind that you are going to pay but you won't get the deed until you pay everything off...if the seller add liens to the property then good luck.

It is a risky deal and better get good legal advice as many think they get the deal of a life time and end up with a lot of legal issues and disappointment.

Maybe you are the lucky one escaping that but better be aware what you getting into so you can't blame others down the road.