Lease Option in NY & surrounding burroughs.

General Real Estate Investing
1

Hello,

In NYC, is the lease and option agreement separate to lock down a seller or one document? Where can I see sample of these documents for use in the NYC area?

Anyone with lease option success in the outer boroughs like Queens or Long Island?

Thanks guys!

2
In NYC, is the lease and option agreement separate to lock down a seller or one document?
They can and should be, but ultimately it depends upon the [b]type[/b] of lease option you are talking about and your position in the deal.
Where can I see sample of these documents for use in the NYC area?
Check out Carbonare over at The Naked Investor.
3

Thanks for asking this question hreca. It is an excellent question.

While there are TONS of both free and paid lease agreements and option agreements available, no matter what you use you will want to have your attorney in NY actually look over your agreements to make sure that they are appropriate for your situation and specifically for NY.

If you have an attorney that is competent in real estate law, use your own. If you don’t you can get pre-paid legal from a local rep for about $25 to $30 per month and can ask ALL your legal questions and have your documents reviewed. It is SO worth it. I’ve been using them for over 10 years now.

I do not recommend you just use the forms you get without having them reviewed by an attorney that has your best interest in mind.

Just as an example, the laws here in Colorado change all the time that the real estate commission approved forms keep changing to account for the change in laws. Do you think that the forms you get for free or in a course are changing that fast and are in compliance? I can assure you they are not. If you choose to use the forms without having them reviewed you might be fine until there is a dispute between you and a buyer or seller and when they have your form reviewed by their attorney in relation to the dispute you suddenly find out that you were in violation of some law that you were not aware of. It will cost you a ton more then, so a little prevention here is worth a lot of money and trouble later.

I hope that helps.