by montgomery69 » Wed Aug 01, 2012 2:40 pm
landlord is the owner and your son is just renting with some kind of promise that he can purchase the property if he follows a specified payment schedule. These are usually not good business deals as there are too many things that can go wrong before the ownership is transferred. My guess is that your son can not qualify for a mortgage and/or that the property does not appraise high enough to support the sales amount. Did your son request a title search to see if the landlord actually owns the property? There are a lot of unknowledgable people trying to handle real estate transaction on their own and do not follow legal procedures or complete the proper due diligence.