L/O for business


#1

I want to lease option a home for an assisted living business. I have good credit, but I just bought my home 4 months ago and probably couldn’t qualify for another loan. The owner has good credit and is financially sound, I saw his unopened mortgage statement and he is current on payments. He is not living in the house and it sits vacant. It was listed for rent. He is aware of my intent to use the house for my business. Here’s my questions:

  1. How do I cloud the deed so he can’t sell it without me knowing? Register the option with the county clerk???
  2. Although I saw his statement, how can I check to make 100% sure he’s not heading into foreclosure, etc? I don’t fully trust anyone, lol
    3.Since he’s financially sound and has a 2nd home, how can I get the deed???

Any and all help is appreciated.

Scotty


#2
  1. Seller deeds property into land trust. This will prevent judgments against him from clouding the title.

  2. Trust signs deed to you (your company), which is held in escrow with an attorney or title company

  3. Payments are made directly to his mortgage company or through an escrow service.

  4. Setup the mortgage account online so you can check on it from time to time and get emails when something is wrong.


#3

Payments are made directly to his mortgage company or through an escrow service.