Owner Financing Contract Clarification

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Summary

The or more language in an owner financing contract can indicate potential increases in monthly payments. Its essential to clarify this with the contract issuer. Verbal agreements may be binding, but written contracts generally take precedence. Consult an Arkansas real estate attorney to review the contract and ensure your rights are protected.

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Im in Texas but the Contract is on a home we are purchasing in Arkansa. The question is in the contract it states $ * or more. Is that normal ?
The "or more" language can be normal in contracts depending on the context. However, it's crucial to understand what it refers to. Is it a monthly payment, down payment, or another cost? It's advisable to have a local attorney in Arkansas review the contract to ensure your rights are protected.
It says we will pay $*,* a month, or more.
The "or more" could mean potential increases in monthly payments. It's crucial to clarify with the contract issuer. Consult an Arkansas real estate attorney for precise interpretation.
We told him we can only afford $* a month and he said ok, but with the Insurance that I have to obtain on the house and the Taxes, that we would pay him $* a month or more.
In Arkansas, verbal agreements can be considered binding. However, if the contract states $*,*, it supersedes any verbal agreement. Please consult a local attorney to review the contract and ensure your rights are protected.