OfflineHey everyone. I am pretty new to the site but really enjoy and appreciate the forums. My question is in regard to Lease Option Offers. I am looking to do a sandwich lease option and have started looking for condos in my area (NJ) with a real estate agent (also an investor). I am going to start putting in offers but wanted to know how to do so. Do you just put in the basic parts of the agreement in the offer such as Option fee, Monthly payment, Purchase price, and length of option and then if the person agrees work out the details with an official lease and purchase agreement? I am a little confused on the actual logistics of carrying this out. I am targeting condos for sale that I feel are undervalued or could be improved upon easily, as well as rental listings that have a low rent. I am hoping that I will come across a taker so I can get into the game. Any advice or a MUST HAVE checklist would be appreciated.
Matt
Lease Option Offers
Posted on: Thu, 08/21/2008 - 17:08
Lease Option Offers
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- by truecore27
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Your real estate agent will most likely handle all the paper work. I would have the agent ask the listing agent or the seller if they would consider renting the property with an option to buy. There are two contracts. One is the actual lease agreement, the other is the option agreement. There are examples of the contracts you would use on www.totalrealestatesolutions.com under free forms. Make sure your lease agreement does not have a no sublease clause.
Thanks for the site. I know about the clause and that there are two different forms, I guess I am just confused on how the actual offer is submitted. I mean obviously I wouldnt submit a projected lease and purchase agreement.....Thanks again for the site though.
Here is a really great forum on the subject of lease options. This should answer most of your questions:
http://www.deangraziosi.com/node/5643
I was reading your post and was wondering, are you wanting to purchase the property or do you have the property and you are the seller? Is the property listed or fsbo? If you are buying it using a lease/option, on the contract will be writen up asking the seller if they would accept a lease/option. If they agree, you will sign a rent contract and a sales contract with the option to buy at a predetermined time and a predetermined price. You are not required to purchase, but you have the option to do so.