Hello all, love the site. New investor just negotiated my first l/o and was wondering what documents you all used? I have 1) Lease with option to purchase agreement 2) Standard purchase and sales agreement 3) Memorandum of Option 4) Affidavit of Liens 5) Residential property disclosure. What do you think? Any others I should consider?
Just remember to use a separate lease agreement and a separate option agreement with your buyer. This way even if your tb sues you after you evict them claiming that they had equitable title you will still be able to evict them and get a new tb in to make your payments since they are separate agreements. Good Luck and congrats on the LO.
Merry Christmas!! (Is it too early for that?)
The paperwork you use depends totally on the type of lease option deal, and your position in it. I have about five different sets of agreements that I use.