Do I Need To !!
hell-o all
I'm following Ron Legrands L/O course and in it he has his lease agreement with option to purchase so I'm a bit confused...with my seller do I need to fill out a standard purchase and sales agreement. If I fill out the lease agreement and option to purchase agreement....
with my buyer I fill out the purchase agreement the lease agreement and the option to purchase agreement.
Please tell me if I'm wrong because my biggest FEAR is filling out the wrong forms and getting my self in a bind........ 
[ Edited by mjdreal on Date 11/23/2003 ]
My recommendation would be to have the forms reviewed by an attorney in your area familiar with real estate laws in your state. You'll find that there is alot in Ron's contracts that may not be compliant with your state's law.
The proper way to do this is to have two separate agreements. 1 being the lease, the second being the option/purchase and sale agreement. Keep the term of your lease under three years so you are not in jeopardy of violating the due on sale clause of the existing financing. Separate contracts helps if you need to get them out if they stop making the lease payments.
Loanwizard had an excellent post on this a while back. Before they got rid of a forum just for beginners. I don't know where it is now or I'd post a link in this for you. Sorry
Have everything checked out by an attorney. You'll be glad you did if you ever need it.
Good luck,
Jeff