iggy407 0 Report post Posted July 3, 2009 I have 2 questions... 1. If you use the lease agreement and option with the seller and it states there that you can "sublet and assign" and then you assign your contract to the tenant would he/she be able to do the same thing and sublet or assign it?? 2. what other contracts would be necessary besides the lease contract,option contract and the assigment contract? ... I was also thinking of recording a memorandum of option in the tenant's name for good practice Share this post Link to post Share on other sites
Jason (AL) 1 Report post Posted July 3, 2009 1. If you use the lease agreement and option with the seller and it states there that you can "sublet and assign" and then you assign your contract to the tenant would he/she be able to do the same thing and sublet or assign it??You sign different agreements with the seller and tenant.The one you sign with the tenant doesn't allow them to assign the agreement. 2. what other contracts would be necessary besides the lease contract,option contract and the assigment contract? ... I was also thinking of recording a memorandum of option in the tenant's name for good practiceYou could. Some do, some don't.I've yet to use any memorandums for my deals.Then again, I don't do sandwich lease options...just CAs, so amemorandum isn't necessary for me, seeing that I'm out of the deal.If the tenant wants to sign and file one, then that's their decision. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted July 3, 2009 Hello, iggy, and welcome to The Naked Investor!To expand a bit on what Jason wrote, the key is in the wording of whatever agreement you are using. If it doesn't specify that an agreement can only be assigned once, for example, then there is nothing to stop additional assignments to follow.And like Jason said, no need to record a Memo if you're assigning the deal and are out of the picture. Share this post Link to post Share on other sites
iggy407 0 Report post Posted July 3, 2009 oh ok thanks, so I will specify on my contract that it could only be assigned once... example "me assign to tenant" then it can no longer be assigned and I also live in florida so I assume there is no law that might make cooperative assignments any more difficult or stringent like some other states Share this post Link to post Share on other sites
Jason (AL) 1 Report post Posted July 3, 2009 Michael, the head honcho here and the author of an excellent manual with all the forms you need to do these deals, does these type deals on the regular.And guess what....he lives in Florida too. So you're safe. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted July 3, 2009 Now you know why I let Jason hang around here. iggy, the agreements we use for the CA do not allow for anyone but you to assign the deal. Thereafter, the homeowner's permission is required. Share this post Link to post Share on other sites
Jason (AL) 1 Report post Posted July 3, 2009 Now you know why I let Jason hang around here.Aw, shucks. I knew before I ever got your course back in 2003 how totheoretically put together a CA.But just the paper work, to put the deals together, isworth the price alone. Too bad that secret lasagna recipe doesn't come as a bonus. Share this post Link to post Share on other sites
Guest Diver Report post Posted July 4, 2009 Jason, MC gave me his recipe. 2 cans of spagetti O's, a little ketchup and cheeze. Diver yum yum Share this post Link to post Share on other sites
Jason (AL) 1 Report post Posted July 4, 2009 Jason, MC gave me his recipe. 2 cans of spagetti O's, a little ketchup and cheeze. Diver yum yum Haha!That was the funniest thing I've read in quite a while.Thanks! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted July 5, 2009 But it's not just any cheese. It's Cheeze Whiz! The secret is out. . . Share this post Link to post Share on other sites