Please Tell Me How To Do It!
Okay I have read allo of post where if you are doing a sandwich lease option you should have your tenant/buyer sign a separate Lease Contract and Option Contract. This will prevent the buyer from having an equitable interest in the home and make eviction easier.
On the other hand, what do I do as the person getting the house from the intial seller. I would think that I would want to sign a combination of Lease/Option contract in order to have that interest safe guarded. Should I also have the seller signed a Performing Mortgage with Me or should I not do that. Should I just record the memorandum of option with the county?
Also can anyone tell me what other contracts are necessary in the lease option with the intial seller that I should have done.
thanks all.
I would get everything signed for the sale to occur and have it put into Escrow. When you pony up the cash for purchase to the Escrow agent the sale takes place without the seller being present.
I would also get a performance mortgage and record it to secure your interest.