Posted by Dan Moody on December 03, 1998 at 21:35:39:
I have a Lease/Option w/ right to sublease as well…unfortunately, I have to pay the mortgage whether or not I have a tenant in it…in less than 30 days- $1170 a month-OUCH! It would help me to know what language you included in your option contract to eliminate that risk. I have since done another contract, but all I could do to avoid that element of risk was reword the contract as an “OPTION to LEASE/OPTION or PURCHASE”. This gave me the option to lease/option or purchase but not the obligation…down side is that it doesn’t take it off the market- if the owner finds a buyer, I’m done. Your basic trade off…what suggestions can you offer?