Posted by Rich_in_CT on August 16, 2007 at 07:31:10:
I actually had an attorney draw me up a l/o agreement to control a multifam, cost me $100. It has check boxes that allow us to check off who pays what. It also lays out how rent is treated, etc. Obviously you want to shoot for the smallest option deposit you can and the biggest credit. However when negotiating the credit you might be wise to go with little or no credit and shoot for a smaller option price. Some owners don’t like big credits and would be more apt to sign if it was a small or non-existant credit even though with the smaller option price it nets out the same.