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