Lease Option contract timing - Posted by Todd

Posted by Phillip on June 11, 2000 at 10:01:03:

What happens if the t/b finds problems after having the property inspected? Do you get the owner to reduce the price to you, make special arrangements with the buyer in terms of a reduced price etc.?

Lease Option contract timing - Posted by Todd

Posted by Todd on June 09, 2000 at 16:03:37:

When should I do the contracts with the tenant?

I am picking up a deposit today. they are intending to move in on July 1st.

Should I meet them a week before they move in to have them sign the purchase agreement and sellers disclosure statement??

sometime I need to let them know that they have the right to have a home inspection done also…

and then do the lease signing on the day they move in and I hand the keys over to them…? or should I just do it all on the day they move in?

Re: Lease Option contract timing - Posted by Robert McNeely

Posted by Robert McNeely on June 09, 2000 at 17:08:40:

I would have them sign the leaseand option agreement now. Why wait?

I Agree: Strike while the iron’s hot - Posted by Russ Sims

Posted by Russ Sims on June 09, 2000 at 18:26:18:

I think it’s generally a good policy to put pen to paper as soon as all parties have agreed on terms. It give’s you the assurance that the t/b is 100% committed, and it gives the t/b assurance that the home is theirs (no fear of it going to someone else).

I give all prospective t/bs a property info sheet that advises them to inspect the property before committing. Then when they sign the l/o agreement, the contract says that they agree to take the property as is, with no warranty made as to the condition.Congrats on finding your t/bs!