QUESTION

is it possible to sell a house with a tennant, and grant that tennant the right to purchase ti home from the new owner?

Asked on May 14th, 2012 on Real Estate - New York
More details to this question:
I am the legal owner of a house in WNY my ex-wife agreed to purchase in our divorce settlement. She has not purchased the house, and I want to sell it. I suggested that I sell the house as a rental property with a tenant - that way she can stay in the house (there are children involved). She is concerned about retaining the equity she has put into the house over the last 6 years - improvements, painting, new roof, and other repairs. Is it possible to structure a rental agreement or some other document related to the deed that would give her the right to purchase the house at the end of a set period, or when the new owner sells the house? Are there any legal issues, pitfalls, etc., that I should be aware of in considering this option?
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1 ANSWER

General Practice Attorney serving New York, NY at The Law Office of Walter Jennings, P.C.
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If all parties agree to this scenario then it is possible to do under contract.
Answered on Jun 01st, 2012 at 1:19 PM

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