I currently have a lease option on a house in which I am living that expires 2/2006. If I do not want to exercise the option and buy the house how can I sell to a buyer and make sure I get the difference between my asking price and the option price?
The easiest way to do this would be to simply assign your contract with the seller to the tenant/buyer outright. You can collect option consideration up front to offset some of the equity you are cashing out, and take back the rest in the form of a note. (If you’re looking for quicker liquidation, sell the note. You can always call me… LOL)
You want to read the contract you signed with the seller. If you don’t do what Stjake said correctly and protect yourself, you could be in violation of the contract for the lease. Since the lease is not up till 2/2006, you want to make sure there is a clause in it saying you could vacate or assign the contract for a sub lease. Read the contract again and make sure this is something you CAN do!!!
Oops. Yeah, Money is right. Guess I just assumed you had the assignment clause in there.