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How is the downpayment on a lease to own supposed to be used?
I am trying to do a lease to own to sell my home. Is the full amount of the down payment supposed to be applied to the balance I still have left on the mortgage? How is the downpayment on a lease to own supposed to be used? A lawyer will revise the contract for me and represent me on this. I just want to know how much of the downpayment money I can keep as a profit.
Public Comments
- The initail upfront payment is usually a fee paid to the home owner to allow you to enter the lease to own agreemnet. It does not normally apply to anything at the end. Read your contract completely it should satate it in there. Also make sure the agreed sale price is listed as well.
- you need help to write this contract if you do not fill in all the "loop holes" you will fail..and lose a great deal. hire a professional.. find someone willing to "lease" your home first the contract should be on your terms since you have the most to lose. simply if you have someone willing to supply the "downpayment"......and saying yes.. they can move in and not pay a cent further and be in your home for months.....not paying........and you can not evict them..because you "sold" your house.....it is theirs now.. you need a "professional" you will need then a "foreclosure" and may not have anything to "foreclose " on and end up "bankrupt" THUS HIRE A PROFESSIONAL TO WRITE THIS CONTRACT PROPERLY.
