I have a lease agreement with an investor for a duplex. This lease says that I have the right to sell the property as if it were a mortgage (the investor first gets paid, and I receive any remainder).
I can not find anything online about being able a lease that allows tenants to sell the house. If I were to sell the duplex, would I need to be present at closing, or what would I need to do to make sure the sell is done legally and without tax issues?
Welcome to BP, Ryan.
You know, that would be great to see, can you post it?
Is the tenant a real estate agent or an attorney representing the owner in other matters?
A lease is not even in the parking lot of the ballpark of mortgages, so, no. :)
Thank you for the warm welcome.
I will try to post the lease later. The lease is between the investor and I, and I rent out the duplex with the rent counting towards the purchase price (rent income comes to $1300, and the investor credits 1,000 towards the price). While I do not want to sell the duplex, If needed, I would like to know what knowledge a third party outside of us can give. I am positive that the investor has not used that clause before.
If I sold the property, would the investor just write me a check for the difference between the amount owed and what was sold?
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