All Topics / Help Needed! / Sandwich Lease Options making it stick

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  • Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225
    May 4, 2006 - 5:09 am

    G’day;
    When it comes to doing a sandwich lease option what sort of things do you think I should get from the seller which will enable me to make my deal with them stick. I want to protect myself from such things as the owner selling the property from under me, the bank forclosing on the owner etc, the property being sold through due to relationship breakdown etc.

    Any ideas??

    thanks in advance
    eddie

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 4, 2006 - 11:15 am

    If you buy an option over a property, then you can lodge a caveat on the title. This should prevent them from selling or mortgaging without your consent.

    However, the bank can still foreclose on the property if they fail to pay their mortgage. Maybe you could ask to get copies of their monthly statements to make sure they keep paying, and maybe you could ask that you pay your rent directly into their mortgage.

    Terryw
    Discover Home Loans
    Parramatta
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