Re: lease to purchase arrangement - Landlord Forum thread 322051

Re: lease to purchase arrangement by Eric on July 30, 2014 @01:01

The best advice I can offer is IF this tenant is really qualified to rent (because that's what it is really about at this point) is to go ahead and set up a Lease with Purchase option, but require a nonrefundable deposit in addition to the security deposit if they are really serious buyers and also require that they show you a mortgage pre-qualification with x # of months.
Otherwise do a regular LPA Lease with a first right of refusal addendum and decide on a price if and when the renter is ready to really buy.

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Re: lease to purchase arrangement by Nicole (PA) on July 30, 2014 @13:13	[ Reply ]

my best advice would be to consult a real estate attorney in your area. In mine, anything involving "purchase" is going to require the tenant/buyer to voluntarily return the property to you or else a foreclosure ... they won't allow the best of both worlds here.

Re: lease to purchase arrangement by Rocco on July 30, 2014 @21:32	[ Reply ]

Makes sense. I like the idea of the 1st right cause it is a normal tenancy and the sale can come later if its meant to be.