Posted by River City on January 20, 2008 at 11:10:57:
I would strongly suggest that you google landlord-tenant laws for your state and read up on what should be in a lease option agreement. You also need to study what they say about evictions in case the lease option falls through. My state is also specific about the security deposits, when it can be retained and when it must be refunded. Good luck.
Lease Option setup/protection - Posted by BrettGa
Posted by BrettGa on January 17, 2008 at 11:23:14:
I set up a lease option in the past where i got 2000 down as up front, non refundable option consideration. The tenant buyers defaulted and were late several months so I evicted them. They took me to court saying I owed them teh 2k back. Magistrate court sided in their favor.
I have found a solid tenant buyer in which i wish to offer the home to her but dont want to make the same mistakes.
How do I set it up where I get the option payment and lease the home to her? What needs to be in the paper work specifically? ANy and all input will be helpful to me.
Re: Lease Option setup/protection - Posted by Steve
Posted by Steve on April 04, 2008 at 23:08:51:
You should have 2 separate agreements. A Lease agreement and an Option agreement. Your tenant is not a buy until they exercise their option in writing. If they breach the lease the option is invalid and they can not exercise the option. Your consideration should be stated in the option agreement as NONrefundable.