Updated over 7 years ago on . Most recent reply
Lease agreement/Contingent clauses
Hi.. My wife and I would like to purchase a home. And I would like to rent out my condo to help pay the mortgage. Actually, with my low income, the lenders are asking for a signed lease to include with our documentation. Otherwise I most likely won't quality for a loan. Any advice on working a lease agreement, where the tenant only moves in if I get approved for the mortgage? Is it a simple clause? And if I can't get a mortgage, the tenant doesn't move into my condo. Thanks for your advice on this.