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Updated about 2 years ago on . Most recent reply

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Joe S.
#3 Wholesaling Contributor
  • Investor
  • San Antonio
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Lease option question for Ohio

Joe S.
#3 Wholesaling Contributor
  • Investor
  • San Antonio
Posted

 I have a property that I am looking to buy in Ohio that I am considering doing a lease option as my exit strategy, is there anything that I need to be aware of to be compliant for Ohio? 

  • Joe S.
  • Most Popular Reply

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    Marc Rice
    • Real Estate Agent
    • Columbus, OH
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    Marc Rice
    • Real Estate Agent
    • Columbus, OH
    Replied
    Quote from @Joe S.:

     I have a property that I am looking to buy in Ohio that I am considering doing a lease option as my exit strategy, is there anything that I need to be aware of to be compliant for Ohio? 


     So you're going to buy the property? And then lease it out with a tenant who has an option to buy it within a certain amount of time for an agreed upon price?

    You'll want to confirm with the lender that that doesn't trigger a due on sale clause due to the lease option tenant now having an "ownership interest" in the property.

    I would consult with a title attorney for this.

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