Do I need an installment payment agreement on a membership to our assocation to be notarized or filed anywhere?
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Do I need an installment payment agreement on a membership to our assocation to be notarized or filed anywhere?
We own land and camp on it with 10 other families. To buy a share/membership it costs what we have put into it so far $10,000 but to get someone to come up with that is hard. We drew up an installment payment agreement and they can choose from 3 options to pay. Do I need to get it reviewed by a lawyer? Can I just get it notarized and do I need to file it anywhere in the county/state?
Asked on February 18, 2011 under Real Estate Law, Washington
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Ok, who owns the land exactly? You? And are you selling them the land or a right to camp on the land? Or a right to joint the association? Let me preface this with contracts for the sale of real property must be in writing in order to be valid. Otherwisethe transaction violates what is known as the Statute of Frauds which every state that I know of has on its book is as a law. So I think once we figure out what exactly you are doing here I would say run - don't walk - to an attorney in your area to draft the appropriate document and to file the document in the appropriate place (generally the county clerk's office in the county in which the land is located). Good luck.
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