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Lease Option Contract Knowledge Base
Do I need to have a notary present for the signing of a Lease Option Contract? Do I need to have a notary present for the signing of a Lease Option Contract?
How do I regain rights to a home I own that is under a lease option contract where the lessee is in default? I live in Utah. The Lessee has subleased or rented the property (which is ok). The lease agreement says that if the lessee doesn't make a payment, I need to send a notice of default (which I wrote up and faxed to the lessee). The lessee has 5 days to cure such default (which they haven't). Since they didn't, I now have the right to terminate all rights they have to the property. I don't necessarily want to evict the current tenant. I'm willing to write up a contract with them so they can stay. I need to know if faxing the declaration of default, that I wrote up is legal "written notice". I also need to know if there is anything else that I need to do legaly so I can bypass the lessee and go to the current tenant and sign a contract with them and just have them start paying me.
Signed a lease option contract but the owner died. Will I need to negotiate a new contract with new owner? My company signed a 3 year lease/option contract for a building that was onwed by a widowed women. But before we could initiate the option to buy she died one year later. Her only daughter later on inherited all her assets and told us we must signed and negotiate a new contract. Do we have to negotiate a new contract or do she have to honor the contract that we had singed with her mother before she died?
Where can I get a Lease Option contract that is legal/valid in Delaware w/out paying an attorney to draft one? I have one that is valid in Maryland, but real estate laws may be different in DE even though both states border each other. I guess one lower cost alternative would be to have an attorney in DE review the one I have for MD so he/she is not starting from scratch.
Regarding my lease option contract with landlord/buyer? A realtor told me that the landlord/seller is in violation by selling the house to me as a lease option while still holding a mortgage on the property. I also found out that the county assessor considers this property owner occupied - meaning by him - when I am the one actually living there. Is our agreement legal or is he in violation? If this causes him to "toss me out" as you said, then I'd better be getting my option money back. I'm not the one violating anything.
Average Cost of Real Estate Attorney for Lease Option To Buy Contract? Hello, We are in California and looking to obtain a Real Estate Attorney to assist with a Lease Option To Buy Contract for California. We wanted a general estitmate of what a Real Estate Attorney may cost/fee to review a Lease Option To Buy Contract and advise us appropriately. Has anyone used a Real Estate Attorney for Lease Option To Buy Contract here in California? If so, how did it work out for you and what was the average cost? Thanks in advance.....
What is the meaning of a lease option in a rental contract in USA? We are looking to sell our home in Orlando, FL. A prospective tenant is seeking to rent the home for $ 1700 per month for one year with a "lease option" to buy at $425,000, which is amount we wish to sell the home for at this point in time. We live in the Middle East and do not understand the word "lease option".
How does a realtor get paid on a land contract or lease purchase option (rent to own) sale? I'm a realtor, and I'm used to getting paid my commission at the closing table, when all the funds are being moved around. But I've got a client who's desperate to sell, and they want to tap into the market of "unfinanceables" who are looking for a land contract or lease purchase deal. I know that would bring offers from would-be buyers, but since theres no six-figure payoff going on at closing, demanding my 5% is pretty uncomfortable. Hope someone out there has experience. Jane.
Dangers of land contract? lease option? My daughter is wanting to move option#1 lease option 1500 down does not include first months rent, nor does it include appliances, they have to acquire renters insurance and the payment is 625 per month the 1500 is a lease option fee what is that? after 2 years they will have the option to purchase the home. option#2 land contract 1500 down 525 per month 8.8% interest completely remodel and does include appliances any one have any positive or negative issues to share with me?and/or things to check out?
Will I be able to buy a house through a bank with a lease option contract with a foreclosure on my credit? I am in need of advice. I have a foreclosure on record because of a bad decision and investment. I want to know if I should get into a lease option agreement versus a renting situation. With a lease option I can purchase a home running the mortgage like a refinance and a portion of the money gets applied to the purchase price. If I rent it is less risk but the all the money goes to the landlord. My question is: Will I get approved for a mortgage running the loan through a lease option agreement to avoid the foreclosure stain on my credit or is it the same as a normal purchase with the same 4 to 7 year penalties till you can purchase again? I just hate throwing my money away in renting situations but I want to make the right decision for the future and looked toward the lease option.
Regarding my lease option contract...? In our contract, he set the price for one year at x amount and the second year for $6000 more which essentially robs me of my rent credit for the prior year. Is that legal? I've been told he should have locked in one price for the two year period. What good is rent credit if the price goes up every year. I know the house did not appreciate $6000 since last year in this economy. Yes, he saw me coming. I am already in my second year. He has set me up to fail. He said he'd help me clean up my credit (did not), fix needed repairs (did not) and now there's no way it will appraise for the price he wants. These should be illegal in Illinois.
Lease option verse land contract? I am about to enter into a Lease option on a specific home and was wondering what is the difference between a lease option and a land contract and what should I as the buyer (renter) make sure Is in the contract so to cover my legal obligations. Also should we make sure the "Lease Option is recorded with the state (Ohio)
My husband and I are in a lease with option to buy contract......? During all the paper signing we signed a paper that said that we checked the house completely. Meaning electrical and plumbing. We looked into everything to make sure it all looked fine. We didn't have it done professionally. We were informed there was no termite damage. We have found some in almost every room. Since we signed that paper are we pretty much bound to our contract? The owner is planning on us buying the house. She is even having a new roof put on this week. What are my options?
I have a lease option in las vegas contract is for 335,000 house appraised for 282,000 can I get out of option without dinging my credit or being sued for early termanation.
What is the difference between a Land Contract and a Lease Options agreement? My cousin is a Real Estate Investor and he is trying to help a family sell there home. They told him that they do not want to do a Land Contract, because they are afraid they won't qualify for a mortgage? Is there anyway for them to get around this? Also, he said when he spoke to them on the phone, He mentioned a lease option, not a Land Contract. How could he explain the difference? What do you think would be the better option, a lease option or a land contract? Why do you feel that way?
How do Realtors get paid to execute a lease with the option to purchase contract? How to get paid up-front
Where can I find sample lease option contracts I would like to find a few sample lease option real estate contracts to understand the verbiage and terminology. I know these are available for a fee but I would like to skim a few before really investing the cash. I will follow-up all findings with a real estate attorney of course.
If I obtain a lease option on a house, can I put then sell it to someone else as a land contract? I am particularly concened with the tax issue. The tax break would go to the owner right? Can you write a land contract where the tax break stays with the original owner? Is the best way to handle this just optioning it out at a higher price?
With a lease contract , That i did not want, Do i have the option to Purchase ? AFTER READING THE FIRST INQUIRY ABOUT THE 02 ALTIMA 3.5 , I KNEW I HAD SOME QUESTIONS OF MY OWN , YOU SEE MY SITUATION IS PRETTY MUCH THE SAME, BUT WITH ME I WENT IN NOT KNOWING ALOT . ALL THE ANSWERS WERE RIGHT TO THE T, I KNOW THIS THE HARD WAY, I WAS ONE WHO GOT SNARED BY THE 'BUY BACK SCHEME' . HONESTLY TO MAKE A LONG STORY SHORT. .IN RETURN FOR MY 03 ALTIMA 3.5 WITH 35,000 MILES TOO . I WAS GIVEN A MERE $12500.00 , DUE TO THE FACT I WAS UPSIDE DOWN... NOW WHAT I HAVE IS A 2007 MAXIMA 3.5....WITH PAYMENTS ALMOST DOUBLE...AND TO MAKE MATTERS WORST WAS THEY WANTED CASH DOWN , THEY GOT IT $3000.00 PLUS...YOU SEE THE ORINGINAL CONTRACT DID NOT INCLUDE MY 03 ALTIMA...I HAD THE CONTRACT RECINDED NOT KNOWING I WAS SCREWING MYSELF YET EVEN MORE, DO YOU THINK THESE MORONS OF A DEALERSHIP WOULD TELL ME....BASICALLY THEY PUT ME IN A CAR I CAN'T AFFORD , WHEN NEGOIATING THE PAYMENT , I SAID WOULD GIVING A CASH DOWN LOWER MY PAYMENTS, SURE I WAS TOLD, THEY LIED. SO NOW AS IT STANDS THE DEALERSHIP CONTACTS ME TO COME IN AND SIGN, APPARENTLY THE WAS SOME ERRORS ON THE CONTRACT AND THEY WANT TME TO HELP THEM BY COMING IN ONLY TO SCREW MYSELF ONCE MORE. NOT,.BESIDES , THE ERROR IS IN MY FAVOR.
Breaking a lease contract? I rented my flat on a 12 month lease contract and asked that this contract be one with a 6 month break clause with the agent prior to receiving the contract. On the day of signing the contract i forgot to look out for this clause ans signed it, and having gone through it the other day cant find anything in the contract referring to this. I have the letter from the agent initially stating that this was going to be a 12 month contract with the option to break in 6 months. Will this letter suffice and allow me to break contract without paying for the remainder of the contract?
Does anyone know where I can find a copy of a residential lease option to buy? I need a lease option to buy contract for the state of CA.
Leasing vrs. leasing with an option to buy? I know a number of dealers/manufact. offer leasing as well as leasing with an option to buy (as the rates may vary from regular leasing I heard). If you enter into a regular leasing contract, complete the contract, and decide you want to purchase the rest of the vehicle, will that price differ from the the price of a vehicle if you entered into a lease with option to buy contract? I know buying is the best way to get value for your money but I was curious how that process would work. Thanks.
we signed a lease with option to buy contract and now the owner is trying to change her mind. we signed this contract one yr ago and we have 2 yrs left to get the mortgage over into our name,it states in the paper that all monies paid on this lease will be deducted from the price of the home.now the owner states that it is suppose to be just rent as paid.and when we get the mortgage switched over then we will still owe her the full price she was asking for.do we have a leg to stand on or will we be liable if there is still money owed on the mortgage when the time comes?we didnt go infront of an attorney to do these papers we bought a contract at staples and had it notorized is this legal and binding.?
Worried about the status of a lease purchase option.? I entered into a lease purchase option in June. The property is still under construction & available Nov. 1. The seller is having trouble with the terms of his mortgage & wants me to get a mortgage now. I can't due to credit issues. At first he offered a refund of my sizeable deposit, but now he says that the terms of his mortgage might not change, but Nov. is fast approaching and he won't know for 2 weeks if he can close on the property. He also stated that my monthly payments might have to be higher than on the contract. I cannot pay more. I need my deposit to look for another place. The original agreement is in writing & states the lease/purchase commences on November 1. Do I have any legal recourse to get a refund of my deposit (the contract states it is non-refundable), since the seller does not currently own the property, there are no other witnesses on the contract and I don't think his lender knows of his intention to lease option the property?
lease of premises agreement question? i run a store in los angeles and my first initial lease term expires in end of year the 2007. i have 2 year option on lease contract. but landlord wouldn't give answers to tenants, he has been saying wait since 3 or 4 month now. there are about 5 tenants total in the building. can a landlord kick out tenants without any written notice? is there any protection law for tenants?
lease with option to buy vs. land contract.. what are the up & down sides to these options? I want to sell my house BADLY (my husband's ex-wife moved in next door). Can you tell me what is best for us as sellers?
ok, bear with me....my husband and I are in a lease to own contract. we have the option to purchase after 2 yr we have only lived in this house for 3 or 4 months. we're having plumbing probs so I called the landlord (even though we're supposed to be responsible for repairs) just to see what advice she could give me. She was against me calling someone right away, (surprisingly) and told me "it's always better to fix it yourself." well, we tried to, and I had to I have someone come and look and they said the plumbing isn't even up to code. We can pay like 500 to fix the prob for now but in order to get things where they SHOULD be, we're lookin at 1000+ I know she's going to give me a hard time with this, can we break the agreement since the plumbing isn't even up to code? I mean I don't mind fixing things but if it's not even up to code. oh, and my husband and I have already discussed not staying here / not buying the house after the 2 yrs because he has a long commute, but were planning on making the best of it until this happened. And we seem to find things wrong more and more...any advice?
How safe or unsafe is it to sell your home via land contract and move out of state? Any tips??? We currently live in the metro Detroit Mi area and the real estate market is HORRIBLE!!! I received an email with someone interested in buying our house via a land contract or lease with option to buy. I first said no and then my girlfriend told me I was crazy and I should take it. My husband got a job out of state so we need out soon! ANY advice on how to go about doing this safely would help....
Do you need a broker to put a lease optioner with a seller down the road? i am not licensed. i like a plan i found to give a truly good lease option to one person and a fair deal to the seller. I just introduce them. If the seller likes the party, they agree and sign a contract to lease with an option to purchase 12 mo to 24 months down the road. I would be paid out of the money collected as the move in fee from the person leasing. i have seen people working with one non-licensed person and a realtor sales person. some say you need a broker in the mix and the realtor says "I am not selling the property or renting it. I am introducing them."
my husband and I are thinking about leasing w/ option to buy a home what is a contract buyers escrow? I have downloaded forms for lease with option to buy, but I was advised that we should do a contract buyer's escrow. What exactly is this and how do I incorporate it into the agreement?
Need Attorney: Rent To Own (Lease Option To Buy) - California? Hello, We are doing a Lease Option To Buy on a Rental and looking for a Good California Real Estate Attorney to review and assist with the Contract. However, we need to confirm in our search what type of Law-Attorney this would be or is considered in California. Would this be a Real Estate Attorney? What type of Lawyer would we need to review a Rental for Lease Option to Buy??? Thanks in advance.
We entered a landlord/tenant lease contract for 10 years w/ 2 yr option.? We are the land lords. The option is to grant the tentant and additional 2 years if they choose to. My question is, is there such thing as a perpetual lease? The tenant thinks they can stay forever at our store. They believe that we have to renew their lease every 2 yrs forever. Please help!!!
What would happen if I opted out of an apartment lease before the contract ended? I recently graduated from college with the intention of staying an extra semester for grad school. Things change of course and I decided to move out. I made an agreement with my roommate that was sharing the apartment that I pay 2 months and he cover the rest of the lease for the semester I was absent. Should I have just told the apartment owners I was moving out and made him the complete renter so I didn't have to pay the two months? The contract states that if you move out before the contract ends, at owner's will, you would have to pay the rest of the months on the lease. What I was worried about is if I told them they would make me pay the rest of the months. My roommate had a few options such as a subletter, commuting for his one class, or moving to his own apt, but would not comply and would tell the owners about a breach of contract if I subletted someone else. Do you think I overall made the safest and best decision? Let me know what you think. Thanks.
What are the questions we should ask when buying a home with the owner carrying the contract? My fiance and I found a house to buy, but the only way we can do it is with the owner carrying the contract or a lease option to buy. The owner has said that they would carry the contract with only the first month's payment as a down payment (pretty much unheard of). They understand about being in the situation that we are in and only having that much money as that is the situation that they were in when they first bought this house (they now own 3-4 homes). We are going to go look at it in two days. We have seen the outside of it and love it. I am wondering if anyone knows what we should be looking out for in the contract, what questions we should have answered/be asking, etc? Also, what is involved with something like this (legally)? How does this work? This is all new to us.
Is it possible to do a 1031 exchange on a property which I plan to sell with lease-option / owner financing? I have a property/home in which I am putting on the market. If I sell the property on a lease-option to buy or owner financing, would I still be able to do a 1031 exchange? If so, then how and when (upon signing the contract or pay-off (2 years))? Please include details in your answer. I can also add details if more info is needed to the question.
signing a lease to own while house is listed? We have a house listed with a broker and the listing expires in 3 weeks. We have someone interested in signing a lease to own option contract. My question is I want to make sure we are able to sign the lease during the listing as long as the lease start date is AFTER the listing expiration, and there are no financial obligation to the broker at that time. Thanks
Does anyone know where I can find a Contract for Deed form on the internet? Will be entering a lease option and the Contract for Deed is the best way to go. Looking for a free form to review. Thanks!
Contract 4 Deed and Lease with Option to Buy? My husband and I had a little financial issues and we had to sell our house for much under what our loan was for. Anyway, our credit is not that great anymore. We were under the impression we were buying this new home under contract for deed. The guy we are buying from is a family friend. Anyway, we have been here since October and have not signed a thing. We pay $1,150 a month. I called and asked him today to bring me over something that showed what I have paid in interest so I could use it for tax purposes. He came over and brought me a lease to sign instead. He told me that he was going to get me the renters credit instead because I would get more back on my taxes that way. So, does this basically mean that I have been renting for $1,150 a month?? We were told it was contract for deed. We paid no money down and that was why the "house payment" would be higher. What is going on? Was I taken advantage of? The house does have lake shore but no garage...we were going to put a garage up this summer but not if we are "renting." I was also told that if we wanted to change it to contract for deed then it would cost us $2,000 and cost him $2,000 ($4,000 total) for the paperwork.
Will I have to pay capitol gains on a property I just bought but lived in for two years with a lease-option? two years ago a friend and I bought and moved into a house together with a tic agreement, and then we created a lease option agreement between us that I would buy his share of the house after two years. This was a contract between him and I and it wasn't notarized. I gave him a non-refundable down-payment and I pay the mortgage. Now as am am about to get the financing to buy his share out-right. Then I would like to sell the house. Will I have to pay capitol gains tax on profits from my partner share that he sold to me, considering I only just outright bought the house, even though I have lived there for two years and agreed to buy it two years ago and payed him some then and payed the mortgage since?
Not moving in to a rent to own/lease option? We signed a 3 year lease w/ $10,000 in option money already paid. Our move in date is not till June 5, 2009 and we have found a buyer for our current house that will lease back to us at a substantial savings. Is there a way to cancel the contract without losing any of the money. I don't have a copy of the contract yet, the owner just signed their portion, but I can get it. Any thoughts?
How does selling your home with a lease option work? 10 points to whoever provides the best answer and a reference. I need to know where to find the contracts, when the title transfer takes place, whether you file the contract with a title company, and how long they normally take. What is a normal down payment? How long is the contract normally?
Lease/Option House Has HUGE Problems in FL? Just entered in to a lease option, very basic contract without legal loopholes, and this house has some significnat problems. We knoew of the basic ones as we walked through and viewed the house for leasing. However, Now that we have spent a week here, some HUGE problems are creeping out. The air conditioning system does not work properly, the Piers & Beams are rotted and some termite eaten, some even showing sign of where part of the house has burned before. As with most real estate selling transactions, disclosure should have been done. Do I have grounds to back out with such major issues as previous fire and major termite damage now being prevalent without disclosure having been done?
wanting do buy a home using a lease option? I am looking into a lease option here in oregon since I do not have the income documentation to secure a home loan and was wondering what the best approach to this was? What's the best way to find sellers will to carry the contract? What kind of terms are negotiable? pros and cons?
Lease to own / option to buy the home contract? My sister and her common law husband have a house they can't afford, and They want to give me the option to take the payments and live in it and do a lease to own contact . then have the option to buy the house within 2 years of me leasing the house in North Dallas. I trust my sisiter but not him . Where do I go and what kind of contact do I need that is will protect me from 5 years from know him teying to get his house back . I want to lease it and the payments going towards me buying the house within two years, I need to get my credit higher.
There is an error in my contract! Can I get out of my car lease? I signed a contract for a lease on a new vehicle Jan 4th, 2006. Unforeseen events have since occurred and I am now trying to get out of my lease. I took a look at my contract provided by my dealership and noticed all the dates were wrong. It says that I signed the contract Jan 4th 2005. It says this on my warranty too. The documents are signed by myself, a co-signer, and the business manager of the dealership. I am not sure how this date slipped past all of us. Can I exploit this and somehow get out of my lease? What are my options? A response would be greatly appreciated, as I do not have a very knowledgeable background in contract law. Thanks.
Need Attorney: Lease Option To Buy - Rent To Own? Hello, We are doing a Lease Option To Buy on a Rental and looking for a Good California Real Estate Attorney to review and assist with the Contract. However, we need to confirm in our search what type of Law-Attorney this would be or is considered in California. Would this be a Real Estate Attorney? What type of Lawyer would we need to review a Rental for Lease Option to Buy??? Thanks in advance. I want someone to "CONFIRM" what type of Attorney this would be. Thanks.
should i lease or contract hire a car? my needs: 1) minimal upfront payment (possibly zero) 2) pay upto £250 monthly (incuding maintnance, insurance, etc) 3) have option to early terminate contract (e.g. after 6 months) 4) dont plan to own the car at the end 5) i would have nothing against a used car if this is cheaper should i only consider Mini and Corsa ?
How hard is it to evict tenant buyers that have a option to buy a property and default on the monthly rent? I am a real estate investor and I was looking into getting a property under contract and setting up a lease option with a tenant buyer. Is it true that if the tenant buyer, fails to make the monthly payment, that I would not be able to evict them and I (Or the actual owner) would be forced to go into foreclosure? If this is true, how can I protect my self, or what can I do to prevent this. I know people do lease options all the time, so this would seem like a big risk, if it was the case.
How does the Lease with the Option to Buy thing work? I don't know anything about this, but someone just approached me today. Can you explain how it works (as opposed to renting)? Should I get a lawyer to draw up the contract or read it over? Any info you have will be very helpful. I don't know anything about it and the guy is coming by tomorrow night to see the place. Thank you
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