Asked by ynhatab, Brooklyn, NY • Sun Apr 27, 2014
There are two properties i am interested in located in NYC. They belong to a father and son. One has a CO and the other doesn't. Our bank will only finance a home with a CO. We came up with a solution of purchasing one home and doing a rent-to-own option on the other. The owners have agreed. The owner that will offer us rent-to-own option requires a large down payment. The bank is offering us more financing than what we need to purchase (accepted offer price). Is it possible to get the large financing amount so that it includes the asking amount plus the down payment for the sons home. The father would write out a check to the son after closing. Is it legal if we draft a contract and mention this transaction? Mentioning the down payment as well as the rent-to-own option rules. Can this "down payment" be proven in a legal doc or is there worry on foul play that the son can come along and say i never received any down payment and that was the sale price of the fathers house?
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