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Lease with option to buy

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jefflent59 Joined: 21 Aug 2011 Posts: 6 1.90 Dollars($)	Posted: Sun Aug 21, 2011 4:01 pm    Post subject: Lease with option to buy Like 0 Dislike 0 I have a lease to buy option and it sounds a little strange. First of all there is 2 different mortgages from what I have been told by agent managing this deal. He tells me he holds the mortgage to the land or owns the land and the mobile home owner holds the mortgage too it. Is this a normal thing for this. I am just worried that there could be problems with this like taxes etc. Thank You: Jeff Lent
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Sun Aug 21, 2011 9:34 pm    Post subject: Like 0 Dislike 0 Hi jefflent, It will depend upon you as to what type of mortgage you may want to take. As far as I know, in the lease to purchase option, the buyer and seller may agree to a purchase price now. Or else, the buyer may agree to pay market value at the time when the option is exercised. However, most buyers want to lock in the future purchase price at the time of the inception of the option. You can hire a real estate attorney to draw the documents and explain your rights, including those of possession as well as default consequences. _________________ Procrastination is the enemy of your financial success
raymond Community Expert Joined: 03 Jul 2009 Posts: 1191 Location: Irvine, California 28.24 Dollars($)	Posted: Mon Aug 22, 2011 5:56 am    Post subject: Like 0 Dislike 0 I bought a house like that once, with a Land Contract. The owner of the property had the mortgage with the Lender, and I purchased it from him, and both of us were on Title. I paid him our agreed upon amount each month, and he paid his Lender their agreed upon amount. And you're right, taxes can be confusing, so get that clarified up front. With my contract, the other person paid the property taxes, and also received that write off. I paid all other expenses. If I did a contract like that again, I'd have an Attorney review it first. _________________ Raymond Denton www.RaymondDenton.com

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