Lease Option - Help, Help, Help!!
Hello all,
I'm a newbie at this and today I just called my first ad. for a rent to own. They are only willing to sign a lease for one year and if everything goes well, they'll go out another 3 yrs. Does this sound ok? Also, she kept asking me "who is this for?" I'm meeting with her this Sat, so should I tell her I'm subleasing it? What if she won't allow that?
As I mentioned, I'm meeting with them at the house Sat and have no idea what to do when we sit down to do paperwork. After negotiating the contract do I need to file it anywhere? With a bank, govt. etc.? I've also heard these documents should be noterized. How? Am I supposed to bring a notary to the signing? Also, exactly what kind of paperwork should I bring with me. A lease option contract, Sublease contract? what else? Also, how do you actually close a deal like this? Are we supposed to have lawyers there, or bankers or title company???
Sorry for all the questions but I've never done this before and I'm freaking out!! Any help would be most appreciated.
Robert :-o
rdmoritz@nerolink.com">rdmoritz@nerolink.com
If she is only going to give you a one-year lease, then you can't release it on anything longer. Also, you need to watch your timing, because if you get a one year lease option, and it takes you a month to get a new person in, then you can only give an 11-month lease option. You don't have a year to give. Thus, you want to get a longer period from the home owner on your lease-option.
The nature of your questions suggests that you need to spend some time on education yourself on L/O. I would suggest you go to Amazon and get a couple books on Lease Options before you go sign anything.
If she is only going to give you a one-year lease, then you can't release it on anything longer. Also, you need to watch your timing, because if you get a one year lease option, and it takes you a month to get a new person in, then you can only give an 11-month lease option. You don't have a year to give. Thus, you want to get a longer period from the home owner on your lease-option.
The nature of your questions suggests that you need to spend some time on education yourself on L/O. I would suggest you go to Amazon and get a couple books on Lease Options before you go sign anything.
I would second Joe's comments, your not ready to do this yet. Spend a little time and prepare, go to the library, buy some books, read the articles here and on other sites.
Randall