Posted by Rob Ricker on July 06, 2006 at 13:47:49:
Hello Vernon,
There’s several reasons why you’re not getting an answer, but I’ll try to help you out. First of all, there’s no extra purchase contract …none, nada, zilch… connected with a Lease Option. The Option contract IS the purchase contract and is what you give the escrow co, lenders, etc. to close the transaction. The fact that you are asking how to date something that doesn’t exist makes it hard to answer That said, if you WANT to write up a new purchase contract you can, but it’s a new deal and has nothing to do with the original contract.
Secondly, the “Reality” thing really does make you look like a wannabe that has never done a deal. Even though you mean it one way, the majority of people are going to take it another (even if they say nothing to you). It really looks like you can’t spell and that perception will hurt your image. Like I said though … that’s your choice.
Lastly, I believe most were probably confused as to what you were asking. Lease Options have Leases and Options …that’s it. Nothing else should be needed if the original contracts were wrote correctly. Maybe that’s your problem, which goes back to the original answer everyone gave you of “buy a course, hire a professional” Good luck and I really do suggest you buy a good course or hire a lawyer …at least for your first deal. There’s lots of good folks on creonline, but they’re not going to be able to teach you from scratch. I don’t know many that have that much time to GIVE AWAY. Spend a little money for training, you owe it to yourself.
p.s. I posted this on creonline for the benefit of others
Best Regards,
Rob
From: Vernon Ratliff
To: Rob_Ricker
Hello Mr. Ricker,
Do not make such Hasty Generealizations. It is spelled correctly “Quality Reality” because we REALLY DO buy houses! I am not a overnight investor, I am and we are Quality Reality. We do not just post signs claiming to do something that we do not. We are trying to do it all. Leases are simple, I have done them before, now it’s the option I am adding on. I want to steer my business into new areas, and lease-options seem like the place to go. All I want to know is how the date the Purchase agreement, is this such a hard question?
How is business? I am not new to Real Estate, but I am taking my business into new areas. Lease-options! The question that I need answered is how do I fill out a Lease-option PURCHASE AGREEMENT, not the option to buy, or lease, but the Purchase Agreement? Do I put the date of closing at the end of the lease term, or do I put the date of closing on the same day of signing of lease? Also, what about earnest money, with a lease it’s option money, so, do you take earnest money off of the purchase agreement, or take earnest money and have it considered as option money?
I can forward all of my contracts for further help.
Thanks in advance. Any help is gladly appreciated.
Posted by Rob Ricker on July 03, 2006 at 23:06:00:
What does “Quality Reality” mean?
I don’t mean to pick on you, but surely you’re not a seasoned Real Estate man that doesn’t know how to spell Realty? That would be sorta bad for business! I’m with Mr. Bronchick and Max …you need to buy Bill’s course and/or hire a professional to handle your contracts for you. It’s obvious that you’re a long way away from understanding the Lease Option contract right now. You should start from scratch and learn from/hire the best.
Bill Bronchick gave you some great advise, here.
He has a great course that explains lease options in and out. It is really simple to understand. I would advise that you make a small investment in education before you get in over your head. Look under courses here on this site.
That said, if you WANT to write up a new purchase contract you can, but it’s a new deal and has nothing to do with the original contract.