Landlord Question and Answer Forum
We are considering doing a lease to own option with our future tenants. From all the research I've done it appears as though a lease to own is more advantageous for the seller. Are there any disadvantages for the sellers? Is it possible to break the lease to own contract as the seller? Consequences of doing so?
Thank-you.
Amy C, FL on Tuesday, February 15, 2011
RE: lease to own
Signing a lease option agreement can be a great way to sell a home for retail value without having to pay a real estate agent, but there are two drawbacks: first, you give up control over WHEN the property is sold (if the tenants buy it at all), and you lock yourself into a certain price, regardless of how the market moves. If you refuse to honor the lease option agreement and sell when the time comes, you can theoretically be sued for breach of contract.
Posted by
Gregory T, CA
on
Tuesday, February 15, 2011
RE: lease to own
There is another issue and that is the Mortgage. If the tenant plans to get a mortgage there are specific requirements that the tenant and landlord have to follow. Let me know if you are interested in knowing these mortgage requirements.
Posted by
Miriam L, FL
on
Friday, February 18, 2011
RE: lease to own
Yes, what are those mortgage requirements?
Posted by
Joseph B, NC
on
Wednesday, June 20, 2012
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