Posted by Jim IL on December 28, 2000 at 23:47:24:
I use a single form when I BUY via a L/O.
Using seperate forms is for when I sell via a L/O.
With the single form, EVERYTHING must be in it, or an addendum attached to it, and signed by ALL parties.
And, for future deals when selling, use two seperate forms.
Make the lease a lease only, listing the terms of it.
And in the option, put all the language pertaining to “Extras” and special stipulations.
I also include a line in my option agreement that “the option agreement is null and void if the corresponding lease is violated in any way as per the landlord/seller, and/or the home is vacated by the tenant/buyer.”
Good luck, and if you have any other questions before Saturday, post them here, or e-mail me.
I’d be happy to talk to you on or offline if you need to.
And, lastly, congrats on getting closer to your first deal.