Lease Purchase Contract Questions
Hello again,
I have a couple of questions that I need answered. My first is should I put "and/or assigns" after my name in a contract for me to lease purchase from a seller I strike a deal with so I can assign if I want to? My next question is should I include the term "final purchase subject to approval of my partner" in a contract for me to lease purchase from a seller just in case I need to back out of the final purchase due to unseen circumstances? Thanks again for your help.
First question is Yes. Or you can add a clause like this:
CONTRACT ASSIGNMENT
This contract is fully assignable by the purchaser but no such assignment shall be binding upon seller until an executed copy of it is delivered to seller. Upon delivery of copy to seller, the assignor shall be relieved of all liabilities under this contract.
For your second question, Yes. or you can add some clauses like these.
CLOSING SUBJECT TO PURCHASER LOCATING A SUITABLE TENANT
Closing shall be subject to purchaser locating a suitable tenant. Closing shall occur no later than 30 days after the obtaining of the suitable tenant subject to any other terms and conditions of this contract.
SUBJECT TO
This contract is subject to: (Appraisal acceptable to buyer; whole house inspection to buyer's approval; financing acceptable to buyer; survey to buyer's approval; buyer's attorney's approval; buyer's tax consultant's approval; buyer's financial advisor's approval
Buyer does reserve the right to inspect the property for 3 business days. Buyer may cancel this contract if this inspection is not acceptable to Buyer.
Hope these help a little. Everyone has their own they like to use.
You can do all that or if you use a $10.00 binder deposit and decide not to go through with the deal, you lose you $10 bucks.....whooptie doo. But hopefully, you intend to buy every house you put $10 down on.