Option Money
Has any one heard of a new law passed limiting the amount of option money you can keep if your tenant is unable to get financing for the home?
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Has any one heard of a new law passed limiting the amount of option money you can keep if your tenant is unable to get financing for the home?
I never heard of such a law.
If a recent law has been passed, it would be a state law. In which state is the property located?
The property is located in the state of Ohio.
Hello Steinsmith!
Try reviewing this article:
http://www.thecreativeinvestor.com/residential/modules.php?name=Articles&file=article&articleid=189
Hope This Helps! and Happy Condominiumizing w/o Re-Zoning!
Derrick Ali
Derrick
Well written article and exactly the info i was looking for.
Question;
What if the tenant buyer wants to sell his share in the Land Trust?? They cant go conventional right?. They have to basically sell it back to me or find someone to rent?
THANKS
SS:
You Welcome!
And You are K-rekt! As my Friend Bill Gatten would say...
The Beneficiaries (You & the Tenant-Buyer) each possess the First right of refusal for any Beneficial Interest put up for sale in the trust Property.
Glad This Helped! Happy Investing!
Derrick Ali