Posted by LM on November 03, 1998 at 24:39:07:
To the best of my knowledge, what you are talking about is basically the assignment of a lease / option for exchange of a fee ($10,000 for example).
#1. You must have an assignment clause within your lease / option agreement allowing you to transfer your rights in the Lease / Option / Property.
#2. You should have a document drawn up, or obtain an assignment document. (There may be one available on Bill Bronchick’s site (Legal Wiz.com).
#3. Make sure that your seller and your buyer release you from any liability pertaining to the property, the transaction, etc. This is done by way of inserting a release clause.
Hope I haven’t added more cob webbs to the one’s already there!