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General Property Management
Lease with option to buy
C
Chris A
started a topic
over 15 years ago
I have a tenant that would like to buy my house, but is having trouble getting a loan due to difficulty verifying tip income (works at a casino.) He is willing to pay my full mortgage of $2000 per month (going rent for a similar home is about $1400.) For now we are using a month-to-month lease, but we would like to rewrite as a sale "by owner" and require $2000 payments with a fixed amount due in 18 months; no prepayment penalty. The buyer believes by showing his lender an ontime payment history he will be able to qualify for a loan. Any advice on where I can find this type of lease-option document and avoid a realtor?
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R
Ralph F
said
over 15 years ago
If you go into the lease builder on this site, in Step 10 you can select an option to make the lease a lease-option agreement.
k
Karen S
said
over 11 years ago
For this type of situation you may want to get an attorney, or have the "buyer" get an attorney. Renting and selling are different things and you really do not want to be liable for anything that could fall through the cracks legally. An attorney is most likely less money then the real estate fees you would pay to a realtor.
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