Lease/purchase

[Yankee Quilter]

Has anyone done a lease purchase agreement on their old home? Any suggestions? We have someone interested.
Thanks

[gomoho]

Be sure to have a real estate attorney draw up the agreement. It is worth the $$$ and will insure you are protected. A hefty downpayment should also be paid so if they decide not to buy you have only lost the time you could have had it on the market and
perhaps a potential buyer. That is how the downpayment protects your interests.

[jimbo2012]

I don't think you want to tie your self up in this changing market, a lease with a right of first refusal may be safer

[gomoho]

Jimbo - depends on the stregth of the buyer and the amount of downpayment. If the deal goes through to the end good for everyone. If the buyer changes their mind the owner has the upfront cash in his pocket and hopefully his home has gained some value during the time they are leasing. That is why you MUST have an attorney draw up the agreement - to protect both sides.