Posted by Brent_IL on October 28, 2000 at 21:29:41:
Not a lawyer. This is educational information. If the lease-option contract labeled certain events such as bankruptcy, death, et al, as a material default of the contract and specified performance or liquidated damages, the optionee would be out of the picture as soon as they filed. You could then file the deed as Sean suggested.
What if seller goes BANKRUPT? - Posted by HENRY
Posted by HENRY on October 27, 2000 at 14:18:22:
ok so what if i do a lease option and rent it to tenant/buyer but then the seller goes bk what then thanx
Re: What if seller goes BANKRUPT? - Posted by Ron Ohara
Posted by Ron Ohara on October 30, 2000 at 21:12:32:
Your question is quite good, but what you are asking is what legal rights you have should bankruptcy occur. Only a qualified attorney is best at answering your question and more.
Ron Ohara
Capital 500 Funding
Re: What if seller goes BANKRUPT? - Posted by Sean
Posted by Sean on October 27, 2000 at 19:48:44:
There are a number of theories but one theory is that you should already have a grant deed filled out by the Seller held in escrow ready to be filed at the time the lease-option is executed.