Posted by js-Indianapolis on July 31, 2007 at 23:59:37:
How does closing with the end buyer work? Not well. Try getting in the line of title for a day, and see if any title company in America will do it.
Find a better way. Sub to comes to mind.
Sandwich Lease Options - Posted by T
Posted by T on July 31, 2007 at 21:32:20:
Does anyone have contracts for a sandwich lease option in NJ?
I’m a newbie and can use some advice.
I will have a lease option with the seller with the option to sublease. Should I also include in that contract the option for me to lease option to the tenant/buyer? Also how does the closing with the end buyer work? Does he close with the original owner, since I do not own the property…or can I assign the l/o…or do a simultaneous closing with all three of us?
Any advice and /or contracts will be greatly appreciated.
Re: Sandwich Lease Options - Posted by StevenS(CPA)
Posted by StevenS(CPA) on August 01, 2007 at 08:46:54:
I’ll be surprised if anyone just “gives” you a really good L/O contract. You can download a hundred of them free and not free off the internet. Just have a really good RE Attorney review it in your state.
If you have a sublease clause that should be enough for you to sublease. I would just make sure it doesn’t state that the original owner has to approve and have to have it in writing. Other than that go with what you have.
If you have a L/O with option to buy from the Seller then your L/O should be with an option to buy at a shorter date and time frame. That way if there are any problems you can handle them before the option date.
You are a long way from closing on this property so I would read as much as you can before that time. But I would make the option assignable and transfer the option. But there are a number of ways to get it done. Just make sure you get this part right.
Hope this helps