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Purchase agreement at end of lease
started a topic
over 12 years ago
My tenants sign a 1 year lease with the option to purchase home from us at the end of the lease term. We have found out they are not able to do so. We are not interested in keeping the home as a rental and want to sell it in the spring of 2011. Whats the best way to handle this? Should we offer a month to month rental to them ?
over 12 years ago
I agree with Gregory... and another option would be to offer a "Lease to Purchase Option" which could include a small downpayment (if applicable and do able by them) and an increase in rent amount. For example we rent our Condo's at $995.00 yet offer a "Lease to Purchase Option" (although these terms generally last 3 - 5 years) with having them put down 3% (pretty much same as FHA) and then rent amount of $1,395.00 with $300.00 going towards purchase price agreed. In essence then now we're collecting $1,095.00 in rent. Do your own research in "Lease to Purchases" and see if it's for you. Selling a rental with a GOOD tenant already in place is a huge advantage to any other investor as well. So having the clause in the lease agreement to be able to sell at anytime should be included with renter having first right of refusal.
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