Posted by Valerie PA on October 04, 2001 at 07:19:34:
Johnboy -
Thanks!! It did make more sense to me to do it that way. I appreciate the reply.
Valerie
Breaking out the Option from the lease - Posted by Valerie PA
Posted by Valerie PA on October 03, 2001 at 14:33:11:
I know that when selling on lease option that you should have two contracts… one for the lease and one for the option so the t/b can’t claim equitable interest in the property. But…
What about when buying on L/O??? Wouldn’t it be better to have one contract so you CAN claim equitable interest if the seller defaults?
Just a thought.
Valerie
Re: Breaking out the Option from the lease - Posted by Carey_PA
Posted by Carey_PA on October 03, 2001 at 20:04:16:
Yes Val, as Johnboy said…you use a seperate lease AND option agreement when selling by a lease/option, but when buying via a lease/option you use ONE AGREEMENT!
If you remind me before the next meeting, I’ll bring mine in.
CAREY
Re: Breaking out the Option from the lease - Posted by JohnBoy
Posted by JohnBoy on October 03, 2001 at 16:30:06:
You use one contract when you’re buying on L/O and separate contracts when you’re selling on L/O. That’s the way you’re supposed to do it.
Re: Breaking out the Option from the lease - Posted by Mark in OKC
Posted by Mark in OKC on March 26, 2002 at 18:06:34:
Carey:
Would it be possible to get copies of your lease and option forms for selling on L/O? I can be emailed at Sonicmark@msn.com.
Thanks for your help.
Mark in OKC