Sorry if this is long winded! But I do have a few questions pertaining to Lease Option Agreements.
Can I use the same “Lease Option Agreement” for both sides of the “seller/me” and “buyer/me” , and just change the terms?
After I find “tenant/buyer” for “seller/me” for the “home owner”, I want to leave the deal because of no equity, or I just don’t want to stay in the deal. Do I just simply “assign” the Lease Option? Is it really that simple and easy? If so, do I “assign” the “tenant/buyer” LOA to the “home owner” or is it the other way?
This is the one I’m have problems with, in a sandwich lease. At the end, and time of closing with “tenant/buyer” how do I reflect the “tenant/buyers” $10,000 “deposit” or “non-refundable consideration fee” if the “tenant/buyer” believes that the $10,000 is going towards the $120,000 purchase price of their new home?
SELLER/ME TENANT/BUYER
AGREES TO $100,000 purchase AGREES TO $120,000
$1,000 DOWN $10,000 DOWN
$900.00 IN RENT/MO $1,200 IN RENT/MO
In the front end, I will be getting the $9,000 from “TENANT/BUYER”, on the back end I’ll get the rent spread and the difference of $10,000 at the time of closing. The “tenant/buyer” is going to tell the loan company the need $110,000 loan because that already put $10,000 “down”! How do I structure this deal to make their $10,000 non-refundable fee apply to the purchase price as a “down payment”?
Any and all insight would be greatly welcomed as I am very axoins to get this going.