First Lease Option Deal. HELP!! - Posted by Billy

Posted by eric-fl on June 16, 2000 at 14:29:24:

I HATE TO BE A BOARD NERD BUT PLEASE STOP SHOUTING. Thank you.

First Lease Option Deal. HELP!! - Posted by Billy

Posted by Billy on June 15, 2000 at 24:03:24:

I wrote up an offer this evening using Carleton Sheets’ Lease Option contract. I want to immediately assign the contract to a quallified tenant. I need CASH!

My question is: How do you offer 1st months rent and security payment when you have no money to give?

I wrote in the space between “following TERMS and CONDITIONS” and #1 “Personal Property”, the following:

“This contract is contingent upon Lessee being able to find a tenant to sublet or assign. Lessor agrees to allow Lessee to show property to prospective tenants prior to execution of contract. Execution of contract shall take place when an acceptable tenant is found.”

Did I need to write that? or is there an easier way? Like I said, this is my first deal and I have no cash.

Please help before I present this offer to the seller.

Thanks for your input!

Re: First Lease Option Deal. HELP!! - Posted by Russ Sims

Posted by Russ Sims on June 15, 2000 at 01:40:30:

The wording of your contengency clause effectively delays payment to the seller until your assignee is in place…I don’t see the problem.

I wouldn’t use the CS lease/option contract. If it’s the same one I saw over a year ago, it leaves a lot to be desired. CS is great but lease/options aren’t his forte…Instead click on over to legalwiz.com and have a look at Bill Bronchick’s l/o contract. It’s far superior. Good Luck!

Re: First Lease Option Deal. HELP!! - Posted by ralph

Posted by ralph on June 15, 2000 at 12:07:08:

RUSS SIMS IS RIGHT, BRONCHICK"S L/O CONTRACT IS BETTER, I JUST CHECKED IT OUT!! IN FACT AFTER READING ABOUT WHAT YOUR DOING, I THINK I WILL DO SOME L/O DEALS LIKE YOUR DOING, YOU SEEM TO BE ON THE RIGHT TRACK!!!
GOOD LUCK ON YOUR FUTURE DEALS.
RALPH