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I need a lot of expertise on real estate. my wife and i own and home in michigan, and we have and buyer, but the buy like to go "lease uption to buy." what i like to know what is the rules and the law and what is my responablilty here. but i live in las vegas, please explain, what will you due. yes! i due have and realture that sale my home, but i like to know also what does he get out of it. i need someone who is in realestate law and know what they are doing, please help out with al ot of question and answer, asap, thank you!
I'm not a real estate lawyer but I do know that a real estate agent still gets their commission no matter what kind of sale they get you. Also the problem with a lease option to buy is that typically they lease the house for say 3 years after that they are suppose to get a loan and buy it off of you. Problem is most people that go that route have bad credit and can't get the loan after that and you might get stuck trying to resell the house. That is a big hassle. Your better off not taking that offer and going with a standard sale. Also they have the option of backing out of the sale if they decide they don't want to buy at the end of the time period that you agree on. Its even a bigger hassle if you plan to move out of state where you can't keep an eye on it.My advise is to go a standard sale unless you really know the people and are willing to take the risk. Good Luck
Protect yourself and get a real estate lawyer in mississippi and let them help you write up the necessary paperwork or you may end up with alot of headaches and problems later.