Option Money

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Has any one heard of a new law passed limiting the amount of option money you can keep if your tenant is unable to get financing for the home?

Comments(0)

  • InActive_Account17th August, 2005
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    I never heard of such a law.

  • NewKidinTown217th August, 2005
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    If a recent law has been passed, it would be a state law. In which state is the property located?

  • bjc00718th August, 2005
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    The property is located in the state of Ohio.

  • DerrickAli19th August, 2005
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    Hello Steinsmith!

    Try reviewing this article:

    http://www.thecreativeinvestor.com/residential/modules.php?name=Articles&file=article&articleid=189

    Hope This Helps! and Happy Condominiumizing w/o Re-Zoning!

    Derrick Ali

  • steinsmith20th August, 2005
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    Derrick
    Well written article and exactly the info i was looking for.

    Question;
    What if the tenant buyer wants to sell his share in the Land Trust?? They cant go conventional right?. They have to basically sell it back to me or find someone to rent?

    THANKS

  • DerrickAli21st August, 2005
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    SS:
    You Welcome!

    And You are K-rekt! As my Friend Bill Gatten would say...

    The Beneficiaries (You & the Tenant-Buyer) each possess the First right of refusal for any Beneficial Interest put up for sale in the trust Property.

    Glad This Helped! Happy Investing!

    Derrick Ali

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