Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago on . Most recent reply

User Stats

4
Posts
1
Votes
Howei Yeh
  • Investor
  • Cleveland
1
Votes |
4
Posts

Steps to take when tenant agrees to buy property?

Howei Yeh
  • Investor
  • Cleveland
Posted

Hi there BP,

My tenant and I agree on a purchase price and want to move forward on a sale of my property to him. I have sent disclosures. We had briefly discussed using a real estate attorney to guide us through the purchase process but haven't engaged one yet. I am hoping someone can help as I've never done this before. 

1. My property manager says that because he is a RE Agent, he is entitled to 1% finder's fee although it is not in our PM contract. Is there some law that obligates me to pay him? 

2. What steps do I take next with my tenant? My tenant said he would hire a home inspector at some point of the process. Or, should we hire a lawyer first?

3. Are there any ways to mitigate risk if the deal doesn't work out so that I am not left with the lawyer's bill? 

Thank you, all. More questions may follow. 

Loading replies...