So Confused on Sandwich Lease - Posted by Jill

import · May 22, 2002, 3:59pm

Posted by Jill on May 22, 2002 at 21:34:48:

Thanks Jim!

import · May 22, 2002, 3:59pm

Posted by Jill on May 22, 2002 at 15:59:18:

Hello To All! Question - when your buying under a lease/option or subject due and you put a tenant/buyer in the house do you have to worry about the lead base paint law and landlord laws? I guess what I’m trying to say, is your tenant buyer considered a tenant at this point or a buyer?

import · May 23, 2002, 7:45am

Re: So Confused on Sandwich Lease - Posted by Rob

Posted by Rob on May 23, 2002 at 07:45:10:

Jill, Jim is correct, however, the disclosure must be on houses built pre-1978

import · May 22, 2002, 4:13pm

Re: So Confused on Sandwich Lease - Posted by Jim FL

Posted by Jim FL on May 22, 2002 at 16:13:55:

Jill,
Yes, your T/B’er you place in the house is a tenant at this point. They are also a buyer, but in a seperate agreement.
You must adhere to your states landlord tenant laws, as well as those about disclosure for the property.
I always use the lead based paint disclosure materials with EVERY house we do, whether we sell it, or rent it.
You must, if the house was built before 1979.
You may need to read up a bit more, just to be up to speed with all the little details of doing a deal before you do one.
Don’t miss a little thing and let it get to be a bigger problem down the road.
Perhaps get a course or book on L/O’s before doing one will help.
And of course, re-enforce that by coming here to ask questions along the way.

Good luck,
Jim FL

import · May 25, 2002, 9:39am

Thanks To You - Posted by Jill

Posted by Jill on May 25, 2002 at 09:39:29:

for taking the time to help you will be blessed.