Most Important
My attorney just went over my lease doc and gave me the go ahead..But I am still working on my option agreement. I believe I have a good one but I know there is somthing I am missing or somthings I am forgeting..
If you, who are so much more familiar at L/O could tell me/us what are some of the most important facets of the option agreement. I would like to make it fairly complete before I ask my attorney to look at it( I know you all know how much it cost for good advice on statutes of your own state).. I think I have everything covered but I know from spending some time here that I am missing somthing...=O)
Bri
A few important things:
Make sure you have a cross default clause in both lease and option agreements. If he is late on lease he loses option.
Option consideration NON REFUNDABLE... I have even started using a disclosure.
Have a NON EQUITABLE INTEREST clause in your agreement. even have a spot where they can initial.
Have a provision that a Memorandum or an affidavit can not be recorded...if it does its a VIOLATION of agreement.
I would steer clear of referencing the Option Agreement from within the Lease Agreement. The lease should stand on it's own.