Both Hillyer and Realtor Kandy Meehan said that people in unusual situations should ask about the possibility of using such an agreement if they are having trouble buying or selling a home. That philosophy is one taught by Richard Wright, a licensed broker in Kansas and Missouri who teaches for the Johnson County Board of Realtors and Career Education Systems Inc., which specializes in training real estate agents. Such problems could include the lack of down payment money, a CD to be used for a down payment that would be more beneficial to cash in at a later time, or an upcoming job change that can be documented with the buyer's employer that will provide more cash flow in the future. No one should ever enter into such an arrangement without first seeking legal and tax advice, Wright said. Real estate agents are required to make clients aware of the fact that there may be legal or tax issues at stake, but they are not required to give advice regarding those issues.
Most community colleges offer seminars and courses on the topic.