Separate Lease And Option Agreements
I'm doing my very first rental property and have accepted a tenant/buyer for Lease Option. I want to make sure I do this right the first time and want to use separate Lease and Option Agreements. Can anyone here please email or fax me a copy of each agreement? I would like them to favor the owner as much as possible so I get the most protection possible. I'd appreciate any help. TIA for your replies.
Leo,
Any investor worth their salt won't give you a copy of their contracts. Why? Because they worked to get them just the way the need them to function the best for their situations. They did this by having their attornies review and make these forms. It would be in your best interest to do the same as using some generic form, or worse, amateur made form for you first deal could make it your last.
If you truly want to "do it right" make an appointment to see your lawyer about drafting you some lease and option forms.
Roger
I agree with RajWarrior, I've gone through three different lawyers just to be comfortable with the standard forms I've gotten. Before you go make sure you know exactly what it is you want and get soft copies (disk) of any form he/she ever gives you.
I've asked around for a real estate attorney's services and they are charging $200/hr and anywhere from $1500-$2000 to draft documents. Is this the going rate just to draft lease and option agreements? Sounds kind of expensive to me.
Don't have them draft the forms for you. You just need them to review what you have and make it legal for your state.
If you don't have any at all, pull some off the net, or go to your local office supply and get a few. Take these and use them as a guide and use your processor to write it up the way you want it. You could also hire a paralegal to draft the forms for you (for a lot less the $2K) Take this copy to your attorney and have it reviewed and stamped. That should only be their minimum charge.
Trust me, the $200 or so you spend now will be a lot better than what you could lose if you take a bum contract to court.
Roger
Just wanted to add that, yes, I think that $2K is alot for a contract. I don't live in CA, however, any decent attorney would have form copies of these aggreements handy. These would already be legal within your state. You should just be able to buy them and have them changed to suit you, if needed.
Roger
Quote:
Trust me, the $200 or so you spend now will be a lot better than what you could lose if you take a bum contract to court.
Roger
This is excellent advice! I can say this because I personally know what a bum contract can do to a person!