Posted by Clair-MO on July 02, 2002 at 19:03:11:
Jen, In your written contract in the lease option you can include the phrase “we have the right to assign this lease option to another person.”
Question about Assigning a Lease-Option - Posted by Jen B. (OK)
Posted by Jen B. (OK) on July 02, 2002 at 14:42:40:
We have a lease-option set up with a Seller who wants nothing really to do with being a landlord. And we have a Buyer (who happens to be a close friend that we’re helping out) that we want to assign this lease-option to.
We’ve been using Lou Brown’s forms, where there is an individual form for the lease (that doesn’t mention the option in it) and a separate form for the option to purchase.
We really don’t want to remain in the sandwich position and would like to assign the lease and the option over to the Buyer. We have a form for assigning the option, and of course it mentions nothing of the lease in it. So what do you do to assign the lease? Just use a standard assignment form? Or are we obligated sub-lease instead? Or is it simply understood that by assigning the option, you’re also assigning the lease? (it doesn’t seem right somehow).
All input welcome -Thanks!
Jen (and John)
Re: Question about Assigning a Lease-Option - Posted by Jim FL
Posted by Jim FL on July 03, 2002 at 23:47:07:
Jen,
So you are saying that you signed the deal with the sellers using two agreements?
A lease, and a seperate option agreement?
If that is the case, you may consider looking into some forms for future deals where the entire lease option is on one agreement for when you are the buyer.
Since I’ve not seen the forms you do have, I can only assume what you need to do.
Consulting a local attorney might be wise.
Also, maybe e-mail the course author and ask for clarification.
If they cannot tell you, or don’t have time, then perhaps they can at least tell you where to look in the course.
Perhaps someone here will know where to look it up about his forms.
If not, it sounds like you need to assign both agreements over, the lease and the option agreement.
Charge the option agreement for the fee, not the lease.
I’ve been told that assigning a lease can be trouble-some…not really sure where I heard that though, been a while.
Good luck, I hope someone can give you a clear answer using his forms.
Jim FL