Confused About Lease Option Closing

I have a closing coming up in a month on an investment property. I have a lease option for 117 (for myself or assigns) and sold it for 170..... I got the sellers to sign a Power of Limited Attorney so I can sign for them at closing. Do I give the loan officer the lease option and POA and everything should be okay from there? I'm confused, I just want to make sure the check comes to us at closing. This is my first Lease Option, so I just want to make sure it goes okay.

Comments(3)

  • nathan19th February, 2004

    That should be all you need.

  • classimg20th February, 2004

    You should hire a professional real estate advisor. In Illinois, we use a real estate lawyer to assit us.

    Below is a short list of items you should consider:

    Clear title to close

    Buyers funding source, (will they accept the assignment process, you may need to speak with the buyers mortgage broker to explain the transaction)

    Completed sales contract, and

    Seller closing costs

    Eric & Rosa
    [addsig]

  • tinman175520th February, 2004

    One question the POA gives you the right to sign, but is your name on the property? if it is an option I would think not. To protect yourself you should have the seller sign and notarize an invoice for your fee. You should give a copy to the loan officer and a copy to the closing attorney. This will protect your intest without a doubt.

    Hope this helps
    [addsig]

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