I have a contract from a buyer who wants to rent my home to a tenant with an option to purchase. I would like an attorney that is experienced to review it and advise me. I live in Apollo Beach, FL.
I would do a lease purchase
1-lease with first and last months payment
2-sale and purchase agreement, settlement delayed for 12 months, 3% down is money not refundable, earnest money
3-get tenant to fill out a 1003 Mortg app, go to RMLO and get pre approved
4-set up savings at your bank, auto withdrawal , tenant depositing extra money for earnest money closing costs, see title co for example costs to sell
5-any good landlord tenant eviction attorney or property manager for lease
6-sale and purchase see title co
Thanks Brian. Now the buyer does a Residential Lease purchase and he is a licensed realtor and he assigns the lease which requires a 3% non refundable down payment from the assignee. The buyer manages, maintains and handles any default or eviction should the assignee walk away or default. The buyer also pays the PITI in a default situation. The assignee dies lose the 3% and lease credits should they not purchase within the 24 months.
The buyer requires the assignee to be pre approved and arranges credit counseling if there is a need to repair the credit.
Sounds like a sandwich lease option, and you lose all control as a seller, if I were a home seller I wouldn't do a sandwich
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