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Updated about 6 years ago on . Most recent reply

User Stats

11
Posts
3
Votes
Matthew Parent
  • Real Estate Investor
  • Roslindale, MA
3
Votes |
11
Posts

Lease agreement/Contingent clauses

Matthew Parent
  • Real Estate Investor
  • Roslindale, MA
Posted

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.    

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