JerseyJeff 0 Report post Posted March 27, 2003 Say we set up a sandwich lease, and the T/b decides to exercise the option to purchase. How is that handled? Do we have to excercise our L/p contract with the owner and purchase the house, and then the T/b exercises their L/p and buys the house from us? I would go into all the other scenarios in my head, but it's probably easier if someone tells me the right way, instead of me suggesting a bunch of wrong ways, and saying is this it? Thanks,JerseyJeff Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 27, 2003 The exact procedure will vary from region to region, depending upon how real estate transactions are handled in an area.Generally, the end user, that is the tenant/buyer who decides to follow through and purchase the property needs to arrange their financing and jump through all the hoops typically associated with buying a house.All the parties involved would give the paperwork to either the real estate attorneys handling the deal, or the title company, and they will advise you as the deal progresses to the close. You, being in the middle, don't have much to do except sit tight, look smug, and collect a check when the deal closes. Share this post Link to post Share on other sites
NickC 0 Report post Posted March 27, 2003 They most typical way of closing a sandwhich deal would be a simultanious close or double close. Where the t/b arranges financing, and comes to the closing with their financing. You would not have to arrange financing yourself because you will only be on title for a few minutes. So you use your t/b's financing, close out with your seller at your option price, cashing them out, getting title deeded to you; then walk over to your t/b, and deed the title to them, cashing yourself out; and walk away with your profits! As far as I know anyways. Nick Share this post Link to post Share on other sites
