Whant To Sell But Have Tenant With 6 Months Lease To Go
Hi everybody. I have purchased a property and currently have a tenant with 6 month to go on the lease.
A friend of mine wants to purchase the house. Here is the situation. He wants me to sign a lease to purchase contract for him to get the money from his lender. The Lease to purchase contract will be for one year. We will do the closing and the title will go to his name. Questions:
1.- Now that the house will no longer be under my name, can I keep the current tenant to the end of the lease to purchase contract?
2.- Do I need just the concent of the new owner to sub-lease?
3.- Can he buy and close with a lease to purchase contract?
I hope I can close the deal becase what he is offering is pretty good.
Thank you in advance.
jlsayan :-?
Why can you not just do a purchase agreement? Why do you have to do a lease with your friend?
Also keep in mind that the current tenants have a 6-month right to the property and the buyer will normally have to assume the responsibility of the lease unless it can be purchased out form the renter.
[addsig]
Thanks JohnMichael for your comments.
That's what I told my friend, about just doing a purchase aggreement. I will talk with him tomorrow about this and have him answer several questions about the deal.
Happy New Year!
jlsayan