I have a house and a separate lot together here in Portland, Oregon. I have mortgage
loan on it. On 9/18/2011, I rented the house and the lot to a couple, . We signed an agreement called: Rent to Buy as is in couple. They had option for buy within 12 months. So if they did not exercise their option, then upon landlords discretion, the term can be extended, which we extended to about 2 years. They still did not exercise their option. Also, in the agreement we agreed they, will fix the place to refinance.
1. It has been way past their option to buy exercise, even after the extension of option
2. Very importantly, they really love the place and don’t want to move, especially they claim to be disable.
3. I have a cash offer from a individual to pay off my mortgage and the loan in full.
4. I really want to get out it after paying of the loan.
5. If the tenant would know that I am selling the property to someone else, they will create unnecessary commotion and legal issues.
Here is some option I had to avoid any litigation or legal problems:
1. Form a corporation and or LLC, Inc. etc and transfer the property to the entity and then sell it.
2. I guess if I sell it to someone else, the liability would pass on to them, right.
3. I really don’t thing they will buy, cause they “smoke pot” and will not qualify for bank loan.
4. What are your thoughts and if you help me find ways to approach this situation.
I am US Army Veteran. If there is any help, I will really appreciate it.