Posted by phil fernandez on January 15, 2001 at 11:59:31:
The main stipulation you’ll want to put into your lease option contract would be enough time to find a tenant/ buyer. But what’s reasonable to where the seller will agree to your proposal. I would start with a three month window and negotiate the time frame from there. Make sure you know your market and what you can reasonably expect for rent and sales price.
How bout a clause saying," Optionee shall make first payment to seller/optionor 90 days from the date of this agreement or when optionee has secured a tenant within the 90 day period, which ever occurs first."
You’ll have to probably give your seller/optioner something for him granting you an option. That’s all negotiable between you and him.