My father died recently and he owned a home in New Mexico, it is currently going through probate and I am his only heir. His former neighbors would like to purchase the home for their son. Since the home is still going through probate they would like to set up a lease to purchase. My questions:
1. Can I legally do this?
2. With a lease to purchase can I ask for a down payment?
1 Answer from Attorneys
This would be governed by New Mexico law, so you need to re-ask the question under the location of the house. I would note, however, that lease-to-purchase deals under the law of most states are tricky to draft, and often result in a bad deal for one side or the other. A better way to do the deal might be a straight lease until close of escrow on a separate purchase agreement.