Leasing With Option To Purchase
REM #A721
By Ilyce R. Glink
Summary: A reader is leasing with the option to purchase in a three unit building. Ilyce explains that the current owner keeps the rent from the other two units until the reader decides to pick up the option to buy.
Q: I’m current leasing one unit in a 3-unit building. I have an option
to purchase the entire property.
When leasing with an option to purchase a 3-unit property, who keeps the rents from the other 2 units?
A: The owner keeps the rents until you pick up your option and buy the building. Of course, you could come to a different arrangement, but it would depend what your agreement is with the owner.
If you had leased the whole building from the owner, you would be entitled
to the rental from the other two units. You may need to look at your documents
and see what you agreed to and discuss any issues you have with your real estate
attorney.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
Buying a House with Bad Credit
Home Moving Tips: Things to Do Before You Move
How To Raise Credit Score To Prepare For Mortgage
Mold Problems Kill Real Estate Deal
Unable to Sell Your Home?
Link to This Article
Like what you've read? Spread the word! You can link to this article
from your website by copying the following code and adding it to
a page on your website:
Copyright ©2001-2007. ThinkGlink, Inc.
All rights reserved. Reproduction of material from any www.ThinkGlink.com pages without permission is strictly prohibited.
Site designed by Walker Sands Communications
