Posted by phil fernandez on January 26, 1999 at 17:29:30:
Set up an account with a third party. You give the payment to the third party. The third party will make the seller’s payment to the bank.
You could couple this with executing a performance mortgage with the seller.
Also have the deed signed by the seller and placed in escrow so it will be there for you when you excercise the option.
You could also record your option that would cloud the sellers title so that he can’t put further mortgages on the property or can’t sell it to someone else.
Bronchick’s lease option course explains all this. You can buy it from this site.