Using Sellers Lease Agreement w/ my Option - Posted by Brian M. Powers(MI)

import · January 28, 2002, 4:51pm

Posted by William Bronchick on January 28, 2002 at 18:01:06:

Probably ain’t gonna happen! However, the seller can always call it a “rental,” in which case the new lender can give him a credit for 75% of the payment you are making.

import · January 28, 2002, 4:51pm

Posted by Brian M. Powers(MI) on January 28, 2002 at 17:51:28:

I have a guy who will sell his house via L/O to me. I am actually going to live in this place myself and not sublet. The landlord is older (really old, like 50…just kidding!), has owned the place for years since it was left to him when his parents passed away, and insists on using “his” lease agreement because as he states “it has worked for me for years”. I have seen the lease and have no problems with it.

Am I putting myself in a risky position by signing the lease with him and then having him sign my option form to secure my option to buy?

Thanks!
BMP