Posted by Mike (WA) on September 21, 2004 at 13:12:35:
Isn’t that enough? Kick out the dead beat in 1 month instead of 1 year (fore-closure)? That’s a big difference in money…
Lease and option agreement seperate??? - Posted by dave
Posted by dave on September 21, 2004 at 07:18:44:
When I write a lease option from the owner someone mentioned here that it is always better to do seperate lease and option agreements. So the one is treated seperately from the other and eviction is easy in case of default. What other advantages?
Re: Lease and option agreement seperate??? - Posted by Jim FL
Posted by Jim FL on September 22, 2004 at 14:05:04:
Dave,
I’m not totally sure I follow your post?
If you are referring to a sandwich lease option, there are two ways to sign each end of the deal.
As the buyer, you want one agreement between the seller and you.
As the seller, (the other end of your sandwich lease option), you should use two agreements.
Your tenant buyers sign a lease, and then a seperate option agreement with you.
So, when YOU ARE THE SELLER, use two agreements, one to lease, and the other to option.
When YOU ARE BUYER, use one.
Frankly, most decent lease option courses cover this rather well, and don’t cost a whole lot.
If you have one, read it again, and if not, get one.
Always good to have reference material on hand.
Good luck,
Jim FL