Just wondering what your guys opinion on doing a lease option type deal this way…
I want a 3 year option on this place so I made up an offer to purchase with a closing date of 3 years from now.
I put a subject “to” -subject
to business partners approval and inspection but -1 month before closing.
I put in the terms of the purchase contract that I would rent the property from the seller at xxx/month untill closin I plan to fill out a seperate lease agreement with seller in addition to the purchase contract.
In theory this is an option right? Because if I don’t remove my condition
in 3 years I don’t have to buy the property? Should I keep the lease and purchase agreement seperate like this? or should I use an option/lease combined agreement? Which is the best way to structure this deal? What are the advantages and disadvantages of each?
3 years is a long time and I would be suprised if owner agrees.However,just one contract is fine and that would be the lease option agreement.Do make sure it is on legal recognized documents of your state,if need be you may ask for notarization.
What is in the deal for the owner/landlord? Why would he accept your offer?
If I were your landlord, I would just tell you to have your partner look at the property when you were ready to purchase and have him make an offer. Meanwhile, the monthly rent is $xxx on an annual lease.
If you’re familiar with Wendy Patton, guru of lease options and subject to’s, she says get a term for at least 3 years, so why do you say the seller wouldn’t agree to this?