Legal Question in Real Estate Law in Colorado

contract deed verses lease option- pros/cons and risks for the seller

we are sellign our house in parker colorado. we have an offer coming in today for a contract for deed. the selling price he offerd is $340K ( we were asking $350k and it apprasied at $360K) we owe $280K on the property and he is paying an interest payment of $1800/mo, and no principal payment. however, the interste payment hs is paying is covering our PITI +$100. he is putting only $7500 down and within 14 months if he has not paid it off in full, he will put down another $5K.

we have done and are familiar with lease option and wonder how much differnt this is and if it is a big risk for us.

thansk you for you time. and we may be lookign for an attorney to handle this


Asked on 2/14/04, 2:21 pm

1 Answer from Attorneys
Eric Fisher Law Office of Eric A. Fisher. LLC

Re: contract deed verses lease option- pros/cons and risks for the seller

Are you selling the property and signing over a deed or leasing the proerty to the buyer with an option to buy? Your statement was not clear. Either way, you should have a complete legal document (lease or Note & Deed of Trust) to protect you if the buyer defaults. The sale contract does not survive closing. My office is in Frisco if you want to call for an appointment.

970-668-1949.

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Answered on 2/14/04, 3:03 pm


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