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In California, where George is based, the state requires landlords to give 60-days’ notice for tenants who have lived in the property for more than a year (or 30 days for less than a year ...
Another common rental property is a free-standing commercial building leased to a single tenant. These properties can range from a small retail property to a larger industrial or office building.
An unsubordinated land lease, on the other hand, keeps the land and property separate, so in the event the tenant defaults, ... If you’re thinking about buying a home on leased land, consider:
The tenant/buyer is responsible for securing the necessary mortgage loan to finalize the purchase of the home. Should the tenant/buyer be unable to purchase the house due to a lack of financing, the tenant and landlord can agree to extend the option period, convert the lease purchase contract into a traditional rental agreement, or end the ...
A lease option (more formally Lease With the Option to Purchase) is a type of contract used in both residential and commercial real estate.In a lease-option, a property owner and tenant agree that, at the end of a specified rental period for a given property, the renter has the option of purchasing the property.
Lease purchase agreement (click to view pages) Rent-to-own, also known as rental purchase or rent-to-buy, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances, engagement rings, and real property, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during ...