Updated almost 2 years ago on . Most recent reply
Lease agreement with closing contingency
Hello,
Preface: I own a duplex in which one half is currently rented on a long-term lease, and I live in the other half. I am actively looking to purchase a second property to live in, and renting out the full duplex. In order to maximize the amount of financing available to me, I was told that I should consider getting a future lease agreement signed. However, I do not want to be in a position where I am unable to close on a property, leaving me potentially homeless.
How would I go about adding an addendum that states that the lease is contingent upon me closing on a home by a specified date? Example: prospective tenant signs lease for Sept 1st, but it is contingent upon me closing on a property by July 1st. This would also allow tenant time to find another place if I were unable to close. Is this just something I need to talk to a real estate lawyer about?