Would not touch that contract with a ten foot barge pole. Why would you tie up a $1.7 mill property for $2,000? That's 'walk away' money, as are the two payments of $10,000 - chump change. No sane business person would tie up a valuable asset for an unlimited period for 'chump change.' Means you are screwed if someone else comes along with a better offer. Reconsider - and definitely get legal advice.
Wouldn't you be pissed if they turned around and sold the contract for $3 mill. Not a bad profit for an outlay of $2,000.
More than 40 years in the industry and I'll tell you what I tell all my clients. "If its not a cash, unconditional contract, then its not a contract."
All in my opinion - and again advise you to seek "independent" legal advice.
