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Recent Lease Option questions
It's a story but hopefully I can simplify, North Carolina,
It's a long story but hopefully I can simplifyJA: Because laws vary from state to state, could you tell me what state is this in?Customer: North CarolinaJA: Have you talked to a lawyer yet?Customer: NoJA: Anything else you think the lawyer should know?Customer: Yes
If I use the money that is in my mothers bank account( I am
If I use the money that is in my mothers bank account( for which I am the power of attorney) (she is 94 years old and is in a facility for Alzheimers patients), would there a gift tax involved. We are buying a house and need "seasoned funds" to be in our account for 60 days. After that time, we would put the money back into her account. We do not really need the money, we can come up with the down payment of $140,000 on our own, but the loan broker said the underwriters will want us to have 6 months reserve for mortgage payments, property tax and insurance on our other houses, (1 is in a lease-option), one is listed for sale and the one we live in now will be rented out, but she said that is what is required, which will be about $85,000 more($225,000) than we have to "season" before she can submit the package.
Question RE Lawyer familiar with Maryland. I have a sales
Question for a RE Lawyer familiar with Maryland. I have a sales contract to be reviewed for a property in MD. Background: House has been empty for 2 years. Upkeep is not trivial. My Realtor told me I need to put another 10k into it to sell it for 10k less than what I owe... a guy who usually does flips offered toa) rental manage it b) find the renter or buyer c) pay me my monthly mortage and d)put the house in rentable conditions. in return he gets a) to keep any extra rent he can rent it out for 3 years and b) gets to buy the house within anytime from now until 3 years for what I owe on it....This would really help me out but I wan tot make sure there is not a "trap" in there hidden.. The text of the contract is this:"Option to Purchase Real Property AgreementDate: _________________This option agreement is entered into between the Parties, Seller(s) and Buyer(s), below inconsideration of and subject to the following terms and conditions.1. Parties: (Camley Homes Llc.) and/or assigns as “Buyer” and__________________________________________________________________ as “Seller”2. Property Address: __________________________________________________________3. Offer: Buyer has the option to buy the property at $_________________________________4. Period: 60days5. Provisions:- Seller understands that Buyer is acting as a principle in the transaction and is notworking as a licensed real estate broker representing anyone in the transaction.- Upon Buyer's decision to exercise this option, both parties agree to move forward withthe necessary standard purchase and sales agreement.- If Buyer fails to proceed with the option within 60 days of acceptance of this OptionAgreement, this agreement becomes null and void.- All parties agree that property is being sold in “as is” condition unless noted otherwise.6. Added Comments: Camley Homes Llc, Agrees to clean, touch up paint,and prepare thehouse for a tenant/buyer.7. Buyer agrees to pay payments of approx. 1050.00/ month for rent/mortgage payment for up to3 years (36months).Before or at the end of the 3 year term, buyer must obtain own financingand pay the remaining balance owed on the mortgage off.Buyer: __________________________________________________ Date: ___________Seller: _________________________________________ Date: __________________Seller: _________________________________________ Date: __________________Please call or email acceptance notification within 24 hours to:(CAMLEY HOMES LLC.)PHONE: -(***-***-****) EMAIL:(*****@******.***"
If my parents are in a nursing home can I sell their
If my parents are in a nursing home can I sell their property that has a mobile home that is dilapidated and I have durable power of attorney will I be able to sell and put the money to Ward funeral expenses for them and they're nursing home they also have Medicaid to help pay their expenses at the at the nursing home
I saw an online guru say you can find home sellers buyers
Hi, I saw an online guru say you can find home sellers buyers who have bad credit or no down payment and negotiate a lease option fee where they could buy the property after some time with you collecting a fee. Is that legal or even doable?Thanks in advanceDevin
I have leased a restaurant years and have 2 years left on
I have leased a restaurant for 32 years and have 2 years left on the lease. My landlords have packaged up several (8) commercial spaces including mine and put it on the market. At my expense I had the building appraised and offered a full appraisal offer which was denied because they wanted to sell all of the properties together. The property went under contract last week. I have "Right of first refusal" written into my lease but cannot and do not want to but the whole package just my building. What is my legal recourse and what do you think my chances are in court?
We leased our home in Ga, which was supposed to be a lease
we leased our home in Ga, which was supposed to be a lease option to buy within 6 to 8 months when the lessee sold their commercial business.We now live in Fl and the lessee is refusing to buy and wants to continue to lease the home to pay it off.We want the home out of our name as we are retired and don't need the burden of the bookwork involvedWhat happens if we terminate the lease? What is involved in the sueing ?
I am located in the state of wa. I have a person interestedView more real estate law questions
I am located in the state of wa.I have a person interested in buying 5.88 acresof property that I have for sale.I would like to finance it my self but not sure of the process.I have read that one can go to a title company and they do paper workfor a nominal fee.Also is there a way to determine interest on a loan for raw land.