Updated over 5 years ago on . Most recent reply
How should I handle my tenants lease option
I own a small house also commercially zoned as a reataurant. This is a risky type of business given restaurants in general and the times. They lease has an option to buy after 1 year. In the lease I must receive written notice of their intention le by september 1, it was to be accompanied by a 10% deposit, half of which was refundable. That day has come and gone but my tennant assures next he wants to buy it and not to sell it. Should I formally try to get a deposit of some kind? or of the same amount and give him an extension to raise the funds? The option price is above market. He is also in a 10 year lease so if he doesn’t buy, it’s not a bad option. I
fear though that with covid defaulting is possible although as of late they have been doing well, but the cooler weather is hurting out door dining. He is also behind on Taxes. I have 4 months security deposit. He has personally signed but has a good guy clause. I’m thinking of making a ryder to the lease formally extending his option by 3 or 6 months, should I insist on a premium or the same down payment?