Help On Option To Buy

Hello to all, I have a potential buyer for a townhouse that for tax purpose cannot be sold until next February 2005, how do i sell the property to this buyer or the option to buy and lock in the price we both agree on for a date 6 month away?
What documents to use?
Any suggestions?
Thank you
Ricardo :-?

Comments(4)

  • rajwarrior2nd September, 2004

    Contact a local, preferably referred, real estate attorney to help you in this matter.

    There is too much at stake here for you to try to get a paragraph or two lesson on lease options and try to use that info without the professional advice of a local attorney.

    Roger

  • dealfinder2nd September, 2004

    I agree with rajwarrior. There are a few good sources for generic lease option contracts but if you choose to use them always defer to a good real estate attorney in your area to cover you in your particular state. Good Luck.

    Dave
    [addsig]

  • InActive_Account4th September, 2004

    Just curious, does T/B get to write off tax on monthly payments and option money?

  • AndrewKT4th September, 2004

    Not being a professional, take my word as what I believe I've read here.

    If you only option it, there is no T/B, only an optionor. The optionor doesn't own the property nor pay the taxes, so they don't get any of that benefit.

    It's my understanding that only in a normal sale, a subject-to, and CFD do the buyer get to take those credits/deductions. If the buyer is re-renting the property, all of their payment is deductable as an expense. (Normally.)

    Your mileage may vary, and it looks like there will be weather tomorrow.

Add Comment

Login To Comment