Stupid Question, I Know

If you purchase under a lease option can you rent the house out or do you have to live in the house until the end of the L/o and then buy. I am wondering because I have had a few situations arise that were pretty good deals but I haven't acted on them do to this question.

Thanks Guys and Gals

David

Comments(5)

  • Vern8th July, 2003

    Well DavidV it all depends on what is stated in your agreement. Some options will allow you to sub-lease, others forbid such. Just go over your contract and see what is written within. Easy answer. Good luck

  • Amelia8578th July, 2003

    Yes, you can sublease a LO, but you need to have a right to sublease clause in your contract with the seller.

    There are no stupid questions!

    Amelia

  • pmatheson18th July, 2003

    Unless you are specifically precluded from'Subleasing', you can do it. You are still responsible to the owner as the Primary Tenant.

  • Sassykid10088th July, 2003

    two things can be done here as you can see depending on what is in your contract. One if there is a sub-lease clause in your contract which allows you to then by all means start renting. If you contract reads you or assigns then you hve also the right to not only rent it you can L/O it as www.well.Make certain that it reads as such before doing so. If ther are no such clauses then you have the option to add an addendum to the contract. Do so by stating a "or assigns" or by simply adding a sbu-lease and have it reviewed by your atty so as to be sure that it can be added , have the original owner sign a copy f the addendum and your set.
    Correct me if I am wrong but I believe an addedum can be added at any time.

  • pmatheson18th July, 2003

    You cannot add an Addendum at any time. Once an agreement has been reached and the parties have relied on any changes must be mutually agreeable, called a Novation.

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