Re: Please Help! L/O that’s about to blow up! - Posted by Bud Branstetter
Posted by Bud Branstetter on November 09, 1998 at 09:33:38:
Did your documents/option list you as owner of the property or seller of the property? Did you have a separate lease from the option to the tenant buyer? Not knowing what contracts you used makes it impossible to give good advice. Generally, if you have an option to purchase you can resell the property.
Two possibilities exist. One is that the tenant wants out of the lease. The other he wants assurances that you can give him title. Did you do a performance mortgage? Are all the documents with the seller signed and held in escrow? If you did this a letter from your attorney may be enough to assure him that you can give him title. If he wants out will he work with you to find another tenant/buyer if his option is refunded?