Is there a minimum interest rate on land contracts for purchasing a business and

  • Thread starter Thread starter Tam R
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Tam R

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land package In Michigan? I have been offered a package deal for a campground and 165 acres on a land contract. I have 2 different lawyers telling me something different. 1 is saying it must be at least 2% interest and the other is saying 4.25%. Is there a minimum.
The Irs talks about federal rates for banks not individual land contracts?
 
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