Need Lease Option Help.
I am renting a property that is under a standard 12 month rental lease. The tenants have been in the property for a couple of months and are now interested in doing a lease purchase. We are currently discussing the numbers (option period, option consideration, rent credits, etc.). I am looking for suggestions on how to handle the paperwork. If we agree on the terms do I void the current lease and have them sign a l/o contract, or should I keep the current lease in place.
Any suggestions are appreciated.
Thanks.
We process our paperwork with a separate lease option and rental agreement. In your situation, you may consider replacing the current lease with language appropriate to the L/O agreement. For example: (Minor repairs, appliances, home inspection, carpet cleaning, etc.) Under the context of a future purchaser the agreed sales price is locked and not available for negotiation in the future. “Purchasing the home As-Is.” As for the lease option document, do not overlook explaining expiration of: sales price, option consideration, closing costs, and non-refundable fees.
Eric & Rosa
[addsig]