Lease Option then Land Contract
I'm still trying to learn as much as I can but I was just wondering...
If I could get a property on a Lease Option then in turn get someone to purchase it from me on a Land Contract with baloon then....
1. Is that legal since I wouldn't actually have the title even though title wouldn't transfer right away.
2. How would that work when my buyer excercises the buy...would it be a double close?..Would they even do a double close since I wouldn't have the funds myself to excercise my option (because I'd be using the money from my buyer)? Or would I assign my lease option when the baloon is up?
Any help would be appreciated.
Thanks,
Rich