Lease Option Question/Newbie Needs Help
How do I get a contract that will protect me in the best possible way when dealing with the seller? And do I use the same kind of contract with the T/B? I don't have an attorney and can't really afford one. I don't want to be locked into the property unitl I find a T/B. Is this possible? I've read some books but they didn't go into the full details of the contract. And do I have to give seller money to make contract binding? I know these are alot of questions. Just want to make sure I understand fully before getting into a deal. Can someone please help?
You need a good Course along with the Contracts. I believe they sell a few here at TCI that are very reasonably priced. The Contracts with the Seller and with your T/B should be very much different. Just one example is that you want to establish an equitable interest with the Seller, but you want to avoid doing so with your T/B. You are not locked in with the Seller until you find the T/B. I go a step better and even use a nonexclusive L/O. The promise to pay option consideration is just as good as paying, so no, you don't have to put up any money to do these deals.
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