I don't know where to post a reply to all the response I received for this question. Thanks so much for all your advice. I did consult a Real Estate attorney. We tossed around the idea of a lease option; but since the property would remain in my name until the closing in a year; my insurance wouldn't provide liability coverage for the buyer's animals on the property, or the fact that she would be opening a training facility.

When the buyer finally made a written offer; she didn't want to put down ANY non-refundable deposit to show good faith. The deposits became non-refundable only after the closing with 50% down in 90 days. In addition there was to be no interest on the balance payable in a year; and she wanted the cattle removed from the property within 10 days of the initial deposit, because in her words; she as good as owned the property at that time. She presented the offer to me at 7:30 a.m., and gave me until midnight of the same day to sign the offer and take it to the title office of her choosing, eliminating my attorney altogether.

I called her back at noon at her request; but got her voicemail. In a voicemail message, I refused her offer, and told her the only offer I would accept NOW, was a $10,000 non-refundable down payment and the balance paid in full at closing in 90 days. I gave her the same time frame she had given me to respond: midnight that night; and I told her I would understand if she no longer wanted to continue negotations on the property. I never heard from her again; to the relief of my attorney. I have since listed with a reputable Ocala Realtor.

I learned a great deal from this experience, thanks to all your good advice. Every answer had information of merit. The outcome could have been disastrous without proper counseling. Thanks again. Lori

An attorney is never a bad idea.

But, no one says you have to CLOSE before the balance is paid (in 12 months). You could enter into a contract to sell -- accept the 50% as earnest money and wait it out.

Again, an attorney should draw this up for you, as the buyer would have some rights with that amount of down, but you should be able to designate a fairly good part of the earnest money as 'non refundable' if closing does not occur per the agreement..

Hi Lori;
I recommend you call one of these 3 Ocala, real estate attorneys. I have worked with all 3 and found them very helpful. Please call or email if I can help with your listing.
Cheryl Bednar-Jimenez, Realtor
Coldwell Banker Ellison Realty 352-304-4654
cjimenez@ellisonrealty.com

1.) Wilson & Williams, Att. at Law - Ben Williams 352-629-9747
2.) Randy Klein, Att at Law 352-732-7750
3.) Michael Cooper Attorney at Law 352-732-4500

Lori,

Consult a real estate attorney for the their advice.

Lori
You should contact a real estate attorney. A Forclosure is very costly and now will take 3 times as long with the amount we have. There are still many many more to come till 2010.

Lori,

No matter what anyone else posts on this thread honestly the best answer is for you to take this up with a very good RE attorney. Good luck.