How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ray Your Own Question
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42871
Experience:  Texas Attorney for 30 years dealing in real estate
8534270
Type Your Real Estate Law Question Here...
Ray is online now
A new question is answered every 9 seconds

I am selling a house, fully paid for, no debt. I have a

This answer was rated:

I am selling a house, fully paid for, no debt. I have a couple interested in purchase. They currently own a home but have asked that I consider a lease purchase to allow them time to sell their home. Once they sell, they will pay balance owed. Also have said they will put down a "substantial" deposit but have defined what that means. Can you direct me to resources where I can read up on this? I have searched web but most lease-purchase items I am finding do not really fit this scenario. I am in Georgia, by the way.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Georgia
JA: Has any paperwork been filed?
Customer: NO. Just show and conversation at this point
JA: Anything else you want the lawyer to know before I connect you?
Customer: Would a contingency contract work better in this situation?

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

You would want to really think about letting this go here.It is one thing to do a sales contract with a sale contingency for say 90 or 120 days with earnest money and they don't move in.If you let these people move in and they cannot close, trash the place, and you have to evict them it could be real problem.You really don't want to go down this road.I have see too many of these go south.

If you want to offer them a lease here, thats one thing, with a deposit but if you are looking to sell here I suggest you pass on this and find a buyer that ready to buy and can close here is 30-45 days.I just see so many of these not working out these days.If you really want to sell here then hold out for someone thats ready to buy.

If you want to just do a lease here thats ok if you intend to keep it for awhile.You can list it here and have a termination clause in the lease if it sells and you need the tenant out quickly.

These are your options keep them separate and avoid problems. I mean realistically it could take them a year here to sell their house, it might be less but I just think if you want to sell here then list it and look for a ready buyer.

Thats my thoughts, I have done title work and closings for many years and these are problematic.Please don't shoot the messenger trying to keep you from trouble her.e

I appreciate the chance to help you today.Please let me know if you have more.

If you can positive rate 5 stars it is much appreciated.

Ray and 2 other Real Estate Law Specialists are ready to help you
Customer: replied 7 months ago.
No loaded weapon here so no need for the messenger to fret. I ask questions to get answers.

Thanks so much.