Posted by JohnBoy on May 27, 2000 at 02:00:44:
What about setting it up where this tenant signs a L/O agreement and puts the $2500 up in advance prior to you signing a purchase agreement? Have the agreement subject to you closing on the property. OR, enter into a purchase agreement with the seller “Subject to the Buyer finding a suitable tenant buyer”? Once you have the purchase agreement with the seller then close the deal with the tenant. Maybe you can set this up to where you close the sale and L/O with the tenant at the same time. If the tenant backs out, you can back out with your “Finding a suitable tenant/buyer” clause. Have tenant put the $2500 up to be held in an escrow account as a non-refundable deposit subject to you closing on the sale. If you close on the sale and the tenant backs out, you keep the $2500 deposit! That should cover any expense in getting the tenant out if needed.