Posted by Steve Heller on May 12, 1999 at 20:53:39:
Excellent information John, Thank You so much!
Steve Heller
Anyone use ‘Contingency or Weasel’ clauses in L/O contracts? - Posted by Steve Heller
Posted by Steve Heller on May 11, 1999 at 20:24:55:
Has anyone successfully used a weasel clause in a L/O deal. Especially one that didn’t look to good on the outside (i.e. house needed lots of repairs)? Let us know how it worked for you.
Thanks,
Steve Heller
Re: Anyone use ‘Contingency or Weasel’ clauses in L/O contracts? - Posted by John Bulik
Posted by John Bulik on May 12, 1999 at 20:22:31:
Steve,
If the property looks like it might not be a good deal then it probably isn’t.
However, some properties can be moved as fixers on a L/O basis. You have to work the numbers so that you still have a decent profit whether the property is fixed or not.
I do have a weasel clause and have not had the need to exercise it. My attorney friends frown on this one a bit though. Here it is…
- The terms of this contract will commence upon acceptance of lease and option agreements between North American Real Properties, Inc. and a tenant/buyer. Any changes to the lease beginning and ending dates as stated in the assignment agreement may be done with the owner?s written permission. This contract will expire should North American Real Properties, Inc. not sign lease and option agreements with an acceptable Tenant / Buyer within 60 days of the date of this agreement.
Please note that I am not an attorney and you should consult with one regarding the use of the above statement.
John Bulik