If I type up my own contract, haveit signed by both partiesandget it notarized, would it be a legal and binding?

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If I type up my own contract, haveit signed by both partiesandget it notarized, would it be a legal and binding?

Buying a double wide mobile home in a mobile home park for $8600; we are paying cash for it. I am currently renting from the landlord who owns the park. The individuals who are selling the home owe back lot rent. I already know we cannot purchase and move in until they pay it. The individuals would like a downpayment. I am willing to pay their back rent and have them take it off the purchase price of the home but will not do it without having a binding contract. Lawyer’s fees fininancially do not fit into the equation for either one of us.

Asked on February 6, 2012 under Real Estate Law, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you and another party agree to the terms and each signs that contract with out being under duress and of your own free will then yes,it will probably be binding. But here is the thing: should they choose to want to get put of the cotract it will be construed against the drafter - you.  Lawyers are expensive, I agree. But what about taking it to an attorney for a flat fee to review?  It may be best for them to pay the back rent fromthe down payment. I am worried that your way may violate some law in your state.  If you do it your way it would have to be in writing anyway it may violate the statute of frauds which is a law that says that certain transactions must be in writing to be valid.  Good luck. 


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