Disclosure on Lease Option - Posted by Tom

Real Estate Investing
1

Posted by B.L.Renfrow on May 22, 2003 at 16:31:47:

It depends on his contract. What does it say? There’s nothing illegal about buying from a fugitive. The only issue I can think of offhand would be if there’s a lien against the property from a bail bondsman or something like that.

And, assuming your friend is in the middle of a sandwich lease option, how are these potential buyers getting all this information about the original seller? Maybe if your friend has a buyer lined up, he should simply exercise his option, then sell to his buyer, so the ultimate buyer is purchasing from him, not from the fugitive.

Brian (NY)

2

Disclosure on Lease Option - Posted by Tom

Posted by Tom on May 22, 2003 at 13:45:51:

At the end (final two months) of a 2 year L/O a friend is trying to sell the property. A potential and possibly 2 buyers found that the owner(lessor) is wanted as a fugitive on serious charges, the buyers backed out because he didn’t want get involved in a transaction that would benefit the wanted man. My friend is dealing with the wanted mans mother who represented she owned the property (actually has a POA).

Question - Does my friend have an out on the lease option if he can’t sell due to non-disclosure ?