Getting ready to move foward

[salsadunes 0]

Hello naked Investors.

Been dilligently working and getting close to having a seller on board. I would like to confirm the correct way to proceed.

Seller is selling to me on a lease with option to purchase. So i need a lease and a lease with option to purchase signed? And a memorandum notorized?

Now when i get a t/b, I will need a lease with option to purchase only?

 

Is this correct?

 

Thanks Again..

[MichaelC 160]

salsa, what type of deal is this? CA or sandwich lease or something else?

[salsadunes 0]

It is sandwich lease option.

[MichaelC 160]

There needs to be an a lease with option to purchase agreement between you and the homeowner. It needs to give you the right to assign the deal to a third party. Overall, this doc needs to be in favor of your position in the deal. You should also record a memo of option with the county. The lease with option to purchase agreement does not need to be notarized, but the memo does.

The deal between you and the t/b should have a separate residential lease and option to purchase agreements. Again, these docs should favor your position in the deal. This needn't be recorded, nor is it necessary for these agreements to be notarized.

[salsadunes 0]

There needs to be an a lease with option to purchase agreement between you and the homeowner. It needs to give you the right to assign the deal to a third party. Overall, this doc needs to be in favor of your position in the deal. You should also record a memo of option with the county. The lease with option to purchase agreement does not need to be notarized, but the memo does.

The deal between you and the t/b should have a separate residential lease and option to purchase agreements. Again, these docs should favor your position in the deal. This needn't be recorded, nor is it necessary for these agreements to be notarized.

Ok. On this deal I have a tb who needs to pull out of his 401k for the down pmt. But his employer needs a purchase agreement for it to fit their guidelines. Can I make it happen with this being a slo? If so what do I need to do? He is totally wanting in the home and will do what it takes. Will be reading and learning. Thanks again.

[MichaelC 160]

Impossible to say what his employer is looking for. He needs to ask them and then get back to you. The question is whether or not the Option to Purchase Agreement will suffice. Only the employer can answer that question.

[salsadunes 0]

Impossible to say what his employer is looking for. He needs to ask them and then get back to you. The question is whether or not the Option to Purchase Agreement will suffice. Only the employer can answer that question.

[salsadunes 0]

The employer says a lo contract will not work for them. They are requiring a purchase agreement for then to release the money. I have it set up as a slo with the owner. Can I make it happen with a sko contract?

[<Steve> 82]

I have a tenant/buyer right now that is pulling finds from their 401K for the option consideration, and I have had a few in the past. Typically I give them the Lease agreement and the Option to Purchase including the Assignment without the seller’s signature and that seems to work. If it’s an SLO the lease & option agreement should work. The employer or accounting person just needs to see the agreement with the amount of down payment needed to confirm.