lease option - Posted by Prudy

Posted by B.L.Renfrow on March 23, 2000 at 22:22:15:

I have not read Bronchick’s L/O course, but in response to your question, “If the tenant does not pay the rent (monthly) what recourse do I have to remove him from property” your recourse is to do a standard eviction for nonpayment of rent.

The T/B’ers Option to Purchase should include reference to the option consideration, should state that it does not constitute a deposit, that it is non-refundable in the event the T/Ber does not exercise their option, nor for any other reason. (I always have the T/Ber initial that paragraph.) Likewise, any rent credit is addressed in the Option to Purchase, not in the lease agreement. The contract I use states the rent credit does not apply if the T/Ber defaults on any concurrent lease agreement.

I’m sure Bronchick’s material covers this thoroughly, although I don’t know in what specific format…maybe you should skip ahead in your reading a bit!

Brian (NY)

lease option - Posted by Prudy

Posted by Prudy on March 23, 2000 at 20:06:13:

I am going to lease option one of my rentals. I understand option money, etc. Reading Bronchick course, but this deal is coming up before I have the answer to this question.
If the tenant does not pay the rent (monthly) what recourse do I have to remove him from property, Option money is non-refundable, rent credit lost, am I correct? The lease option tape state not to tie the lease to the option, If I would have to evict tenant, where do I state he has lost his option money and any rent credits. help, help, maybe I will get to this before deal is made. Thanks to anyone who can help.