L/O contracts - Posted by Mathew Malczyk
Posted by Mathew Malczyk on March 12, 1999 at 12:01:29:
During the past month, I have spent all my spare time trying to break into the real estate business. I have put together an investor group to flip contracts to. I have built a database of people who seek a home to rent-to-own. I have secured a mortgage broker to help tenants secure financing when they exercise their purchase option.
I have looked at several homes and am ready to make some offers and do some business. I have downloaded two Lease/Option contracts from two different websites and combined their contents, added a few phrases, and tuned them to be compliant with Illinois law. However, these contracts are worded to be in my favor as the “landlord”. I will use these contracts between myself and future tenants. My question is, now that I am ready to make an offer on a home to Lease/Purchase, should my offer be in the form of a contract? And, don’t I need a second contract that favors the “renter”, to be used between myself and the home owner. Where do I find such a contract?
Thanks for any help.