Stupid Form questions- I've got dain bramage

[Guest Diver]

Hi Michael and all, I've got some form questions I need to have clarified.

#1 CA Assignment of Agreements Form.

Top of page says " hereby assigns all right,title and interest in said agreements to"

Explain Title is this correct, what is meant?

 

#2 Residential Lease with Option to Purchase Form.

P.2 line 13b can I add "No credit on late payments" ?

P.3 line 17 what is meant by "will convey marketable title to the T/B" ?

P.3 line 18 please explain "escrow will be opened with" ?

P.3 line 19b please explain.

 

#3 Option to Purchase Agreement Form.

same as #2 P.2 line 13b above.

 

I guess I'm looking for a little confidence.

On another note I'm going to a local REI club meeting on Tuesday about lease options. Hum.

Thanks, ____Diver

[MichaelC 160]

#1 CA Assignment of Agreements Form.

Top of page says " hereby assigns all right,title and interest in said agreements to"

Explain Title is this correct, what is meant?

I don't understand your question. Can you clarify it?

 

#2 Residential Lease with Option to Purchase Form.

P.2 line 13b can I add "No credit on late payments" ?

Sure, you can add whatever you like. But why would you? If we're talking about the same agreement, the Residential Lease with Option to Purchase Agreement, this is between you and the homeowner. So why penalize yourself with that addendum?

 

P.3 line 17 what is meant by "will convey marketable title to the T/B" ?

Clean title, free of any unknown liens or legal problems.

 

P.3 line 18 please explain "escrow will be opened with" ?

If you'll be opening an escrow account you would note that here. For example, you don't want to make payments direct to the homeowner because you want to be sure your payments are going to the lender. So instead you make payment to a local title company who disburses the funds as per your instructions.

 

P.3 line 19b please explain.

Fill in any specific closing cost agreement you have reached with the homeowner. For example, if you have agreed to pay all closing costs, you would state that here.

 

#3 Option to Purchase Agreement Form.

same as #2 P.2 line 13b above.

I don't see any Paragraph 13b in the Option to Purchase Agreement.

[Guest Diver]

Thanks Michael I think I get it. #1 above "assigns all right, title and interest" must be at closing. Diver

[serrow 0]

Thanks Michael I think I get it. #1 above "assigns all right, title and interest" must be at closing. Diver

 

 

so for a straight CA one would not use the RESIDENTIAL LEASE WITH OPTION but rather just the

 

option to purchase agreement

residential lease

assignment of agreement

 

is this correct?

[MichaelC 160]

Thanks Michael I think I get it. #1 above "assigns all right, title and interest" must be at closing. Diver

 

 

so for a straight CA one would not use the RESIDENTIAL LEASE WITH OPTION but rather just the

 

option to purchase agreement

residential lease

assignment of agreement

 

is this correct?

For a Cooperative Assignment, you would use the CA Residential Lease Agreement, the Option to Purchase Agreement, and the CA Assignment of Agreement. There is only one Option to Purchase Agreement, so that shouldn't be an issue. But be careful with the other two docs, because the CA Residential Lease Agreement and the CA Assignment Agreement are similar to the other Residential Lease Agreement and the other Assignment Agreement. If you compare them side by side you will note the differences.

[serrow 0]

CA Residential Lease Agreement

CA Assignment of Agreement.

Option to Purchase Agreement

 

sorry... slowing it down again, but I always appreciate posts that go a little on the elementary side. I think I will play this one with a scenario.

 

Let's assume for a moment I am the CA SPECIALIST

 

 

CA Residential Lease Agreement - between me and t/b

CA Assignment of Agreement. - between me and t/b

Option to Purchase Agreement - between me and seller, passed to t/b after the assignment.

 

so what document do I when I find a seller, and want to lock in leasing terms (knowing I aim for a CA)?

[<Steve> 82]

may I. . .

 

You enter into an agreement with the seller and use the "CA Residential Lease Agreement" and the "Option to Purchase Agreement." This is between you and the seller. You find a tenant/buyer and assign your agreement with the seller over to the tenant/buyer. To do this, you use the "Assignment Agreement" and it is signed by all parties. Your done.

[MichaelC 160]

serrow, exactly what Steve said.