Approaching seller about 4 year lease option and buyer protection.
Hi, ive got a deal in the works wherein a seller has agreed to a 2 year lease option in order to build up down payment money on a owner finance deal. The lease purchase will turn into a true owner financed note. ( mortgage). The sell terms are gonna be part of the lease option contract. Its gonna make it real tight, so i thought about going back and asking for a 4 year deal instead of 2 years to lower the payment. The seller isnt in a hurry for a sell, but DOES want to get rid of the property.
My questions are:
1. Are 4 year lease options done?
2. The owner has a existing mortgage. How can i protect myself to make sure that HIS payments are made?
3. This is my first lease option. Is there anything else i should be looking out for?
