Need help ASAP from LeGrand L/O experts.... - Posted by Charity

Posted by Jim IL on December 12, 2000 at 20:46:02:

Charity,
Since you are signing up a L/O where you are the buyer, then you need to use one form, (in addition to what we discussed in e-mail), and that is the Lease agreement with option to purchase.
This should do th trick.
Feel free to e-mail me again off the board to discuss if you want to,
Jim IL

Need help ASAP from LeGrand L/O experts… - Posted by Charity

Posted by Charity on December 12, 2000 at 18:19:25:

I am going to sign up my first deal tomorrow and it will be a L/O. Can someone tell me exactly which LeGrand documents I need to make sure to take? I think I have them all for every course, but I am not sure what docs go with what transaction, if that makes sense. For instance, do I take a P&S agreement and a lease, or is there a form that does both. Any assistance is appreciated!

Charity

Re: Need help ASAP from LeGrand L/O experts… - Posted by will

Posted by will on December 13, 2000 at 11:45:44:

use the two-in-one lease whith your seller .
use two separate agreements with your tenant-buyer .
using a separate option agreement with the T/B instead of a purchase agreement might do better if you ever end up in court .

Re: Need help ASAP from LeGrand L/O experts… - Posted by arya

Posted by arya on December 12, 2000 at 23:58:53:

Hi Charity,
Since , this is your 1st L/O contract , let your local
R.E.Attorney to view it before signing L/O Contract.
I purchased R.LeGrand L/O courses ( ??? ), then I show
it to my R.E.attorney, She didn,t like it, and advises
me to use her L/O contract which regulated by state law
. I asked my attorney to add few terms and clauses to
contract as escape clause to protect me.
The point is check with your state law , if in case you
ended in the court , be able protect your interest.
( especially if you are an R.E.agent.).

good luck,

Re: Need help ASAP from LeGrand L/O experts… - Posted by RonVa

Posted by RonVa on December 12, 2000 at 20:57:31:

Hello Charity,
I don’t know if I would be considered an expert but I have done several L/Os ala LeGrand.So hopefully I can give you some input.

I am taking it that by saying “I am going to sign up my first deal tomorrow and it will be a L/O” you are on the front end of the deal and you will be the Tenent/Buyer. If this is true you need only take the Lease with Option to Purchase Contract. But if you are L/Optioning this house to someone else then you will need the Lease and Purchase Contract which you will fill out both for the new Tenant /Buyer you are putting into the house.
I will be online tonight and early in the morning if you have any questions you can email anytime.

If you like you can call before you go meet with them and maybe I can help a little.

Good Luck, Ron