Posted by No Other Investor on August 24, 2003 at 15:37:28:
Thanks you, have been so helpful. I shall read up more.
Lease Option Questions - Major Concerns - Posted by No Other Investor
Posted by No Other Investor on August 24, 2003 at 13:51:28:
Hello All,
What if the owner agrees to a lease option. The deed and loan are still in his name and then the owner dies, right before you go to settlement when you have the leasee ready to buy? I am talking about the state of Maryland. What can you do? How long can you hold on to this leasee until you clear this matter up. Does’nt the property goes through some kind of Probate court. What if the owner had the propterty in his will giving it to someone else in his family. Also, in another scenario, what if the owner agrees to a lease option agreement with you then, he files for bankrupcty. How would that affect your lease option agreement? Another scenario, what if the owner agrees to a lease option agreement with you, and then the owner deeds the property to someone else and the person wants to sell the property without your consent or knowledge. Or my final scenario, what if the owner lease option the property with you and then, between the time you lease the property until the time you have have the leasee buy the property there are considerable liens on the property and you are not able to clear title, what happens to the leasee deposit. Even though it was unrefundable, it is not his fault that you/owner cannot clear the title of the property, can he get his money back. Just some thoughts from Listening to Ron LeGrande cds.
Re: Lease Option Questions - Major Concerns - Posted by Brent_IL
Posted by Brent_IL on August 24, 2003 at 14:31:15:
Every one of your concerns can be eased by having the seller deed the property to a land trust for estate planning purposes, giving the trustee appropriate instructions, and buying or lease-optioning the beneficial interest in the trust. If a couple of hundred dollars for trustee fees and third-party bill paying makes a difference, you have a marginal deal.
Try reviewing Bill Gatten’s articles at www.landtrust.net