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Real Estate fg>
Eileen M. Day realtor
THE LEASE BUYOUT
Here is the problem. You have decided to buy a two-family house jointly with a relative. The price is right, but only one half of the house will be available at the time of purchase — the seller’s half. The tenant still has six months to go on his lease and plans to remain. You want to occupy both units at the time of purchase. Is there a solution?
Since you do not desire to wait out die rental term, a solution to the problem could be a lease buy-out. The tenant under lease will obviously know that the lease will not be renewed, however, he might be agreeable to vacate if offered a cash inducement to do so. Lease buyouts are very common in commercial real estate and might be applicable to this situation.
By purchasing property with the assistance of an experienced residential agent, you gain considerable advantage in working with someone who can negotiate both with the seller and with existing tenants to suit your objective.
If there is anything we can do to help you in die field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA. 22747. Phone: 675-3400. We’re here to help.
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