Another attorney

[MichaelC 160]

Interesting move, Daniel, but one I suspect you would need to run by an attorney to scrutinize.

[MikeT/NC 5]

Daniel,If this is LEASE with option then by it being a lease you are in a tenant landlord agreement. We have same type of law here in NC. It says something like Landlord has to take care of any health or safety issue. I figure you could have the tenant look after some of the minor things like a drippy faucet. But even a plugged toilet could be a health issue.

[DanielSun 7]

mike don't forget it's 2 separate agreement. 1 is option to purchase, and other 1 is lease agreement.

 

I would mention nothing about maintenance on the lease, so if the tenant wants to argue about it later, i would say hey, this is the Option condition, nothing to do with the lease. if they want to keep the option, they would have to do this. if they don't want to keep the option, sure we'll do the maintenance.

[wildwestinvest! 19]

I like to look at it like this:

 

So your option to lease-purchase would have

 

OPTION CONSIDERATION: Buyer/Optionee will perform maintenance and repairs as needed as option consideration.

 

sounds confusing to me. When's the changing of hands? When's the asking? the accepting? when someone goes under and around you while you're spending $$$ marketing the thing, when did you pay your option consideration? when were you going to 'pay' your option consideration?

 

I think a promise to pay at sum before possession is pretty legit. That's what I'm using in a CA I signed up today.

 

Nick

[ErikOk 10]

How can maintenance/repairs be used for Option Consideration? There doesn't seem to be a way to determine what would need to be maintained or repaired (if you are talking about everyday maintenance/repairs).

 

On the other hand if you are speaking about known repairs on the house, I would think it would be best to come up with a purchase price. Then a dollar amount for repairs. Then come up with some sort or schedule where there are deadlines for completion of repairs. If repairs are completed, then the dollar amount you came up with for repairs can be deducted from the purchase price. On the chance that they don't exercise the option, then I would think it would be best to put something that indicates if the option is not exercised, the tenant/buyer will not be compensated for repairs.

 

 

 

I like to look at it like this:

 

So your option to lease-purchase would have

 

OPTION CONSIDERATION: Buyer/Optionee will perform maintenance and repairs as needed as option consideration.

 

sounds confusing to me. When's the changing of hands? When's the asking? the accepting? when someone goes under and around you while you're spending $$$ marketing the thing, when did you pay your option consideration? when were you going to 'pay' your option consideration?

 

I think a promise to pay at sum before possession is pretty legit. That's what I'm using in a CA I signed up today.

 

Nick

[DanielSun 7]

I think you guys have a preconceived notion of how a option agreement should be, why does it need a "option consideration" clause? The way I see it, as long as I can show that I am providing something in exchange for the option (be it money or service), the agreement would then be valid.

 

I am not going to go deep into it now, as it is not really a big concern at this point. But after I complete my first couple of deals, I am going to have an attorney look at this idea, and I will get back to ya.

[ErikOk 10]

http://en.wikipedia....i/Consideration

 

In common law it is a prerequisite that both parties offer some consideration before a contract can be thought of as binding.

 

Usually when Optionor gives Optionee an option to purchase, Optionor wants money. But I suppose like the article mentions the consideration could be something other than money, but for our purposes here I don't see why that would of interest (unless maybe the consideration was a Ferrari or something

 

why does it need a "option consideration" clause?