Q: Planning on selling my florida condo to a buyer who wants to rent for 8 months or so until he reaches 59 1/2 .
He will then be available to access his retirement funds penalty free to purchase the condo.
I plan on constructing a lease with a $20,000 non refundable deposit, and then reduce the selling price by $20,000 at closing
. This way if for some reason he backs out of the sale I will come out ahead, and at the same time it will incent him to close on the predetermined date.
Is this advisable, and if so how do I prepare a lease purchase agreement? Should it be one agreement or two separate agreements, one as a lease agreement
, and one as a separate purchase agreement?
A:
Short answer. It depends. Nothing wrong with your approach but the details matter greatly on how it is structured.
I strongly suggest that you consult with a Real estate attorney in your area to set up the “rent to own” and the actual sale correctly.
Good luck.
A: It's possible, called a lease option, but thy have numerous roadblocks to being enforceable. You will need to hire an attorney to draft it so that it contains the correct terms and formalities to make it enforceable
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