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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: freeus who wrote (3501)	9/24/2000 9:40:53 PM
From: adairm	Respond to of 65232

Freeus: Lease option paperwork... No, no and no. Don't use stationary store forms, don't use a realtor, and don't use a lawyer. Send me your e-mail address via PM and I'll send you a sample contract I use. In fact, I'll send you two different forms, one I use when buying on Lease Option and one I use when selling. They're different! The stationary store forms are worthless. There's no reason to get a realtor involved. Realtors should get paid to find a buyer. You already have a buyer. Don't get a lawyer to draft a document, they'll charge you a fortune for boilerplate. You might want to have a lawyer to review the contract(s) I'll send you to make sure everything is legal in your state. This form works great here. Actually, we try to separate the Lease Option contract from the Rental Agreement. Make them two separate documents. That way, if you have to evict the tenant for some reason, all the judge will see is the rental agreement. If he sees there's an option to buy, well, depending upon the judge, he may be more lenient towards the tenant. You should make the Option contingent upon keeping the Rental Agreement current. You should not mention that there's an Option contract in the Rental Agreement. Adairm