Legal Question for Lease Option Experts - Posted by Scott
Posted by Scott on February 28, 2002 at 12:06:53:
I was discussing with a real estate attorney (I live in Oklahoma) a lease option contract I was putting together. He cautioned me that I should not credit the tenant/buyer with money they are paying each month to me in addition to the rent payment toward the purchase price or down payment. The reason he gave was that a dispute over the contract in court could lead to an interpretation by the judge that the arrangement is really a contract for deed, thereby requiring me to go through a foreclosure action instead of eviction. In Oklahoma, I can have somebody out of a house in three weeks easily. Under foreclosure, I’m looking at attorney’s fees and a year in the courts (I’ve been told).
I’ve been studying the LeGrand Lease Option course. He encourages getting as much in way of monthly payment from the tenant/buyer as possible by using the “purchase credit” to leverage them.
Is my attorney a Nervous Nelly? Is LeGrand setting me up? Anyone had an experience they can share in this regard?