Lease Option Paperwork
Hi,
I am a landlord and a broker. I am selling a home to a tenant on a lease option. The option requires $5K down and will allow for 50% of their monthly rent to be credited back to them at closing.
My question is - I currently use a very detailed lease agreement (written by my attorney) for all my rentals. As far as paperwork is concerned, can I simply add a lease option addendum to my current lease and that will suffice or do I need to use a specific "lease option" lease agreement? Also, is there a good place to get a good lease option agreement/addendum and are they state specific? Some people say to use two seperate agreements, I prefer to tie the two together because if they dafualt on the lease, I want them to loose their option. Any advise on how to do this correctly would be much appreciated.
Thanks! Cynthia
Do a google search on "lease option contract" and there is a free site that has a very good lease option.
fyi - lease should be a seperate docuemnt and not reference the option. option can reference the lease.
What bgrossnickle said.
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