I Have A Motivated Seller, BUT...
I have at least one motivated seller who is open to a lease option for his property. He simply wants a bigger house and does not want double payments.
I'm ready to negotiate with him in the very near future BUT....
I need L/O forms with typical cpntigencies to make a solid deal.
I'm looking for a lease agreement, Option to buy , etc.
Where's a good source for CA, user freindly legal forms?
Do I have to buy someones $500 course just to get some good forms?
Go visit your attorney as they will be able to help you get specific forms for your specific needs.
Roger
Yes I would also highly recommend you hire an attorney to represent you and prepare necessary documents. You'll also get a copy of the forms to use for future use.
Even if you buy a course I wouldn't recomend using the forms in their origional form. Every state and even county have a little different way of doing things and you want to make sure everything is done correctly.
An attorney can be one of your greatest business partners...I couldn't invest without mine!
the attny. is your safest best route....km
Try Bill Bronchik, at www.legalwiz.com, he may have some CA legal forms on his website for free. If nothing else he has alot of good info. He helped out a lot for us when we were getting started.
Do agree however, to have a good attorney on your side for sure.
I would not go to an attorney for a residential lease agreement. Go to a property management company or find some seasoned investors and look at what they use. Their leases are likely to be more effective.
In California it is a bit unusual for attorneys to be involved in real estate transfers and the California Association of Realtors has many forms that are standardized that may be of help. Title Companies may be another source for forms.
If you are doing options, you might also look to find people who do many of these to see what they are using. I have been to seminars that suggest a different option agreement be used depending whether or not you are an optionor or optionee.
That's exactly what I was thinking Edmeyer. I'm sure a RE Attorney would do whatever I ask of him, but there's alot of 'goodies' I seen suggested here, by seasoned investors, that I'd like to have built into my contracts.
For instance, I've learned that there are L/O's that are buyer friendly and seller friendly. Also maintenance can be defferred to the buyer. It sounds like you need to be careful how the rent is to be applied to the downpayment (for the bank to agree). Who pays the taxes, etc etc.
I would hate to overlook something a seasoned investor would know from experience. It seems like the only thing you own as a L/O investor is the piece of paper you signed with the deal.
Nuetrino,
I think we are on the same page on this. My experience has been similar. They will do what you ask them to. I don't believe I need an attorney to find verbiage that places restrictions on or prohibits non-operational vehicles on the premises. I also don't believe many attorneys will think of this on their own.
The same goes for your option in your lease option. You need to protect your option position. You probably want clauses that may extend the option period (by giving additional option consideration) if you can't purchase within the option period. You want contingencies/penalties if any liens show up, insurance goes unpaid, taxes go unpaid, loans go unpaid, property isn't maintained, owner becomes incompetant or dies, etc. during the option period.
I am a real estate agent and do lease-options all the time. I do use some CAR (California Association of Realtors) forms including and RPA-CA (Residential Purchase Agreement for California) to show the terms of the sale when they exercise their option, a OA (Option Agreement) form which spells out such things as how much of their rent goes towards the purchase price, etc and I use my own rental agreement with all the necessary addendums the CAA (California Apartment Association, which I am a member ) advises to use. If I can help you out in any way, send me an email (see my profile for my email address)
[addsig]
Shirly,
Go on the internet and search for California Legal Forms. We use the Google search engine and get all types of forms from lease agmts to Wills. May cost $5 - $7 but well worth it. Good luck.
Honeydip1
Honeydip1,
Are the $5-7 contracts strong enough alone or do you add clauses to them? I have seen some that seem like they are sort of "weak" or generic.
For many real estate forms, look in the "downloads" section here at TCI. You can find a link to downloads at the bottom of the page.
Good Luck!