Option/Lease Option - Posted by Theresa Borden

Posted by Jonathan RexfordFL on July 15, 2002 at 08:16:42:

When a title commitment is issued there are conditions. One of those conditions is that title must pass through you to the buyer. You MAY or MAY NOT have a problem when it becomes a time for you to close because of “Seasoning of ownership”. If questioning is an issue for you then you can assign your contract that you have with your seller and you to your buyer for some MONEY…if they have any. If you want to be paid from the loan proceeds from your buyer then you are going to have to deal with the seller. By assigning your contract Between you and your buyer to the seller. Record a lien of some sort…IE Performance MTG or some other instrument. Then get a title commitment you will show off as a Lien holder. I have in the past had some lender allow an assignment fee but that was the PAST.

If you get stuck between the players just do a Key word search on “Title Seasoning”

Jonathan RexfordFL

Option/Lease Option - Posted by Theresa Borden

Posted by Theresa Borden on July 15, 2002 at 07:04:03:

I have a question regarding closing a lease option/option. When I find a tenant/buyer and we are ready to close the deal, my lender is requesting a title commitment. That title commitment does not have my name on it. The name of my seller is still the owner of record. The lender then questions who I am and why am I selling the property. Can someone tell me how to get around this and how do I get paid without my seller knowing what I am getting out of the deal?