Posted by John(NH) on April 08, 1999 at 09:26:23:
- Don’t get a promise, get it in writing.
- Don’t get $2000 down, get $2000 in non-refundable option consideration. If the seller wants money up front too, don’t give option consideration, give a ‘security deposit’ or pre-paid rent.
- If your tenant/buyer doesn’t exercise the option at the end of lease, you keep the $2000. If he does exercise, you apply the $2000 towards the purchase price or the down payment.
- Definately buy a course on lease options…