QUESTION
How do I do an assignment of a lease with option to buy contract for residential real estate? Can assignment fee apply to purchase price?
Asked on Apr 23rd, 2020 on Real Estate - Michigan
More details to this question:
I am looking to assign my lease option contract or sell my option to buy to a tenant/buyer. I would like to know the best way to complete this transaction. My intent is to profit by keeping the difference between the option fee charged to me by the seller and the option fee I collect from the tenant/buyer.
1 ANSWER
Real Estate Law Attorney serving Holland, MI
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Cunningham Dalman
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What you can do is largely controlled by your agreement with your landlord. What you propose to do may or may not be permitted. You should definitely retain an attorney in such a transaction becuase there are a number of issues you will need to have properly handled in any agreement with the assignee.
Answered on May 18th, 2020 at 8:24 AM