I’m looking for separate pro-buyer and pro-seller lease option contracts. Can anyone help me out?
Wendy Patton has those available in her lease option course. I listened to a phone presentation from her on this site last Wednesday. Just in the phone presentation, I did learn some things from her that I just simply didn’t consider before. Another thing to note is that she states that she does her own consulting and you won’t be talking to someone in her office. You will be talking directly with her.
Take it for what its worth, but that makes her more genuine in my book. I bought her course for the contracts that are included with it, and any other tid-bits that I will find and may be able to use. I find that I know alot of this stuff, but tend to get tunnel vision when doing a deal and just don’t consider certain things. Courses like these remind me of those little things I don’t consider and re-open my mind, and allow me to file it in my memory bank for later use. By the way it was stated that she has been doing L/O for over 20 Yrs, has done over 650 of them, She is a R.E. Broker also. I’m not trying to recommend her courses or anything, but as far as her contracts goes: It would seem to me that at 650 L/O deals under her wing, she has had to seen and experienced it all and hopefully has accounted for that in those contracts. The price of the course will be much cheaper than to have my own lawyer who has not done 650 L/O deals draw up the Pro Seller/Buyer contracts and Option memo’s.
We’ll see next week.
Best of Luck
regardless of how good her contracts look to you, they may or may not be legal and valid in your state. Even if they are for the most part, it is more than likely that some lines in the agreement aren’t for your state. There are only two ways to know if it is a valid state contract:
One is to use it as is and hope it works. You’ll know if it isn’t when you have to go to court and find it out then, along with losing lot’s of money, time and wasted effort on your part. While your hoping, hope that it is at least good enough not to land in you jail also.
Two is to take it to your attorney for review. Yes this may cost you some $$$ out of your pocket, but it’ll be a lot less than method one above I can assure you. REI is a business and you must treat it as such.
BTW, it’s always good to get to talk with the course writer if you have a problem. However, if Ms. Patton didn’t fully explain that ALL contracts should be reviewed by a local attorney, even the contracts she supplies, that’s worth a review too, and the review isn’t good.
I was unclear in my intent. This is good advice. My intent is that my lawyer will not be creating the contracts from scratch (saving money). He will however review and adjust as necessary to comply with my states law.
Sorry for being unclear, but again, I assumed (wrongly) that this last step would be naturally taken by everyone for their protection. My error. I have been in business for 15 years and my lawyer reviews all my contracts. To me it’s just a natural phase for doing business. I should not have assumed that everyone is so prudent.
Thanx for catching it!