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dionwisn

Option Money Payment Plan

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Is there legally anyway to be able to evict a tenant if they haven't paid the full option money amount by a verbally agreed upon time period. I have a tenant that she and I set up a payment plan for the option money and even got a promissory note signed by her (It was never signed by a Notary) and thats my fault. She hasnt said she's not paying. I have a feeling shes trying to weasel out of this and not pay so she buy another property. Is there anything I can do to get that from her or give her trouble in the process.

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Dion, is this a sandwich lease or a CA that you put together? If this is a CA, I can't forsee any way that you could be allowed to evict a tenant since you aren't the homeowner or a representative for the homeowner.

With a sandwich lease you might have that ability to evict a noncompliant tenant, although those waters are murky. An attorney would be better able to answer your question after reviewing the paperwork involved.

What's the amount of money involved? Is it worth your time and effort to go to small claims court?

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That's why you always ask for the whole option payment upfront. No payment plans nothing either pay the whole thing or no deal.

True, indeed. I've done a number of deals where I set up option money payment plans. In almost every deal, collecting the money was a hassle at best, and often I just never received it. Needless to say, I no longer go that route unless there is some extraordinary reason to do so.

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