Basically, you write up two contracts. The first is a purchase option which you will pay her a non refundable down payment on the property for. The Option contract details the purchase price and time limit to exercise the option. The second is a lease/rental agreement that spells out your monthly rental payments and obligations such as maintenance, etc.
For more details you can use the search function on this site and reat through the “How-to” articles.
I would also recommend a book I just read by Wendy Patton about “Lease Options and Subject Tos.”
I have a Daughter that has moved to Florida to get married and she has a house here in Maryland(For Sale by Owner) she is asking $303,000 and in good condition. How would I acquire the property from her through LPO?
Basically, you write up two contracts. The first is a purchase option which you will pay her a non refundable down payment on the property for. The Option contract details the purchase price and time limit to exercise the option. The second is a lease/rental agreement that spells out your monthly rental payments and obligations such as maintenance, etc.
For more details you can use the search function on this site and read through the “How-to” articles.
I would also recommend a book I just read by Wendy Patton about “Lease Options and Subject Tos.”