Posted by Mike McGrath on May 10, 2006 at 14:09:25:
Hey Max - Thanks for the response. The 3 adults are a married couple and the wife’s best friend. The lease option was only signed by the married couple. I verbally informed the friend that upon execution of the purchase her lease would be null and void and they have the right to ask her to move if they desired to. She agreed and understood and is willing to sign something to this effect.
Thanks again!
Mike
How do I protect myself and the buyer - Posted by MikeMc (IL)
Posted by MikeMc (IL) on May 08, 2006 at 12:32:02:
I signed a lease and a lease option with three adults. The tenants are a married couple and the wife’s best friend. The couple signed the lease option and plan on buying. If they exercise their option to buy before the lease is up and then decide they do not want the friend living there can the friend claim she has a right to stay until the end of the lease? Can she prevent the purchase? How do I protect the deal for me and the buyers?
Re: How do I protect myself and the buyer - Posted by Max-Va
Posted by Max-Va on May 08, 2006 at 22:35:42:
I am not an attorney and not familar with IL law. You should seek a local attorney.
That said, It is my experience Leases run with the property. The buyers would have to honor the lease til it expires.
This statement has me wondering, “I signed a lease and a lease option with three adults” Did you sign the option with all three? What happens if they all want to exercise the option individually?
You really need legal counsel!