I would recommend you get EZ Lease to Own which is put out by Charlie & Randy France and Bob Meister. I went to their seminar on filling houses fast and received the manual. You can now get everything on CD so you don’t have to type it all in like I did. The thing they really stressed at the seminar was that the Lease and the Option are two separate documents and that they are not dependent on each other. In other words, if you have to sue for possession (eviction) the Lease doesn’t mention or have anything to do with the Option and vice versa. That way, the judge doesn’t get the impression that your tenant has any equity in the property that might influence the judge to look favorably on them. Also, breach of one is breach of ther other. IF they only come up with 3k of the 5k you ask for as non-refundable option consideration (make sure you use that term exactly, by the way) and you have them sign a promissory note for the rest you can sue them on just the Option. Very flexible!! I believe the website is EZLeasetoown.com. I know they have a website at getthedeed.com. They advertise here on CREOnline so you’re bound to see a banner or two!!!
Help!! I need some legal advice fast! I need to write a contract for a ?Lease with Option to Buy? deal, that I?m currently working on. I have some generic forms, but don?t know if I can use them in the State of Illinois. I?ve also tried reading and filling them out myself, but have decided (for obvious reasons) since I?ve never done this before, that it?s best to leave it up to an experienced R.E. attorney. Below I have listed terms my clients and I have already agreed upon, so maybe someone has a ?sample form? already filled out, (with similar terms), that I might use as a guideline. I?ll take suggestions or feedback from anyone who has already written out this type of agreement. My clients would like to move-in in September, so I?d like to get this contract done as soon as possible.
I?d also like to know if anyone knows of any good R.E. attorneys in Illinois that they would recommend, that are familiar with these types of agreements. Please, if there is anyone out there reading this who can help me, please respond?I need help!!! Thanks for yours!!!
Terms of Agreement are as follows:
Lease with Option to Buy.
Option agreement contingent on Lessees meeting all requirements of rental agreement.
12 month rental - extension contingent upon Lessees meeting all requirements of rental agreement.
Lease Option agreement is null and void if Lessee fails to fully comply with rental agreement.
Lessee is in breach of contract if rent is paid anytime after the 5th day of the month.
Rent is $1050/mo.
Lease option fee total is $5,250 ? non-refundable.
Lease option fee to be paid in the following manner:$2,100 (cash, cashiers check or money order) on or by move-in date of September 3, 2002. The remainder of the Lease Option Fee balance of $3,150 is to be paid at $450, in addition to monthly rent of $1,050, starting October , 2002 to May 1 2003 for a term of seven (7) consecutive, months and rent will then be $1,050 thereafter for remainder of the 12 month lease.
Already received $100 to hold rental unit ? also non-refundable, but will be applied towards move-in costs if Lessee purchases premises.
No portion of rental fee will be credited towards sales price of the house.
Lessee agrees to pay all of the seller?s closing costs up to $3,000.
If Lessee breaches any part of the rental agreement all monies advanced seller will be forfeited and seller can proceed in the way that seller deems necessary to remedy the situation.
Lessee is responsible for all utilities and services, upkeep and maintenance of rental property.
Lease Option is only valid throughout the term of the lease, and Seller agrees to sell the house to lessee within term of agreement for $125,000.
Lessee has already signed rental agreement. On move-in day they will sign the Lease Option agreement.