Posted by Mike Daly (Atlanta) on July 12, 2002 at 08:44:57:
In that case, that is the best way to structure it as you’re only obligated for 1 year but you can get up to 3 years if you choose to.
Lawyer advised Shorter L/O Term in NY - Posted by Rob
Posted by Rob on July 12, 2002 at 05:24:17:
I spoke to my lawyer yesterday and besides from telling me New York will be tough for doing L/O’s, he told me to make the lease with the seller 12 months with 2 options to renew. He said this makes you look like you will sell the house faster AND will allow you to escape the property after only 1 year…
any thought on this?
Re: Lawyer advised Shorter L/O Term in NY - Posted by limeydale
Posted by limeydale on July 12, 2002 at 14:59:06:
Rob,your lawyer knows what he’s talking about listen to him.You can have a 1yr lease with as many options to renew as you can get,depending on your negotiating skills.Obviously you will want to have a seperate option to buy.limeydale.
Re: Lawyer advised Shorter L/O Term in NY - Posted by Mike Daly (Atlanta)
Posted by Mike Daly (Atlanta) on July 12, 2002 at 06:16:49:
The best way to do it is to give them a 1 year L/O with no renewal. This gives you the most control. If they don’t exercise their option in a year you can always do a new L/O – but with a higher purchase price and rent, plus more option money.
Re: Lawyer advised Shorter L/O Term in NY - Posted by Rob
Posted by Rob on July 12, 2002 at 08:39:35:
Thanks, Mike, however I’m referring to the Lease from the seller…Locking up his property for 12 months with 2 opportunities to renew if it rents well
Re: Lawyer advised Shorter L/O Term in NY - Posted by KC Questions
Posted by KC Questions on July 12, 2002 at 12:29:12:
Unless the lawyer knows of some legal drawbacks to having more than two opportunities to renew, I would try to get as many as possible, after all you are still only committing yourself twelve months at a time.