Getting Paid At Closing

Comments(4)

• 
  loanwizard7th November, 2003

  Quote:
  On 2003-11-07 10:19, Tlt1 wrote:
  I'm about to close a deal on a lease to option purchase property.
  
  Congratulations.
  
  I will lease option purchase this property to a candidate that will be able to afford it. However, I need to know at the end of the term (12months), the candidate wants to purchase the property for the set price and theres equity in the deal,
  
  Unfortunately, you won't know that he going to execise the option until he actually does. By definition, that is what an option is.
  
  how do I get paid my money at the closing after the seller who I took over the property from gets his part.
  
  That will be spelled out in the HUD! statement, or settlement sheet. The lenders get theirs, the original sellers get theirs, you get yours, and the title companies, lawyers and bankers get theirs.
  
  
  
  <font size=-1>[ Edited by Tlt1 on Date 11/07/2003 ]</font>
  
  
  Good Luck,
  Shawn(OH)

• 
  cmyoung10th November, 2003

  This may not be of any help to you now...but for possible future reference. You can put a "90 Day Notification Clause" in the agreement with the tenant-buyer. This means they have to give you 90 days notice of whether or not they want to purchase the home. This gives you a full 3 months to sell the property to another buyer if they choose not to buy.
  
  Hope this helps

• 
  SolutionsKid14th November, 2003

  I bet that is something alot of people had no clue about...I know I didn't when I started out, knew how to do L/O but had no idea how I was going to get my money at the end.
  
  Christian "The Solutions Kid" Beebe
  [addsig]

• 
  Joseph4416th November, 2003

  Hi TLT1
  If you filed a Performance
  Mortgage with the local court house
  you will be contacted by the M/Lender
  for your pay off.A per/mortgage puts a
  lein on the propperty and the buyer and
  seller can't close the deal till you are paid and are off the books. Hope this
  helps.Have a good day.