Lease Option Purchase stipulation
Hello all,
I have a question for the gurus!!!
I am thinking of doing a 5year L/O with a seller of which in 5 years I can excercise my option to purchase at the stipulated price. Which in this case would be 44k.
Now, What I am considering doing here and wanting to know if it can be done is this;
I want to stipulate that when I excercise my option that if for any reason I am unable to find a lender to lend, that the seller agrees then to carry the financing.
The amount He would finance would be what ever the pay off is of the amount of the loan balance.
What I need is how to stipulate this in the contract so it is clear and binding.
Mark B
MarkB
Sounds like a great deal, Will the owner really give you a 5 year lease OP and if so why would you need the additional clause of owner finance.
Are you giving any money towards this deal?
What do you plan to do with this subject property?
Are you really setting up a WIN-WIN for both? Really seems like a win for you. Personally I would not even consider this type of lease op on a non-commercial property.
[addsig]