LPO And Clause
My question is this ...In examining the Lease Purchase Option also known as rent to own ! There is a clause which states that "Only the tenant ie;purchaser will reside in the premises, etc." and also the clause which states that the LPO is not assignable without owners consent". So if you utilize the LPO the owner does not have to agree to let you sublet or re-rent, then your stuck. I could see where using an LPO with a regular purchase option attached would work, which should give one assignable rights, or would you just use a standard purchase option to begin with ????
Leases can say what ever the two parties want them to say. Options can be how ever the two parties want to agree the option.
If you are the owner and you are offering a deal by way of a LPO you want both clauses. If you are a buyer using a LPO you want neither clause.
It just depends on which side of the fence you are on.
It sounds like you are reading documents rather then doing a deal.
BTW - There is no 'standard' purchase option agreement.
John
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