going to lease a home from someone. 3 yrs. during 3yrs. if the owner gets sued,or accident his fault can who ever come back on the leasor during the 3 yrs? using the property as payment.
example. im leasing a home the owner gets sued,or he dies and he has medical bills the state goes after property during the 3 yr. lease.can the state get there money?
2 thoughts on “please help. if you purchase a home with lease option, can anyone or state,come back on the leasor ?”
Leave a Reply
You must be logged in to post a comment.
Yes, they can, because, technically, they own the property, not you. In a lease option arrangement, the title/deed is not in your name. That happens at the end of the option period and you secure your own financing and actually buy the place. Right now, you are a renter.
iff his property were free and clear of any mortgages and or liens his property would be left behind absorbed by the state and an attorney would be appointed to do an estate sale — if there are no heirs the property will likely be sold off and proceeds will be destributed accordingly to pay for any unpaid debts and the rest may go into possibly a charity.
I’m just hoping this is an educated guess. so just hope with me