MikeT/NC 5 Report post Posted September 16, 2013 On the CA lease agreement what do you put as far as the term. You don't know this until you find a tenant buyer. Do you leave this part blank then fill it in when you find your buyer? Also, on the option to purchase contract and lease agreement do you fill out a new set of documents with the new tenant buyer's name on them. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 16, 2013 On the CA lease agreement what do you put as far as the term. You don't know this until you find a tenant buyer. Do you leave this part blank then fill it in when you find your buyer? Which specific "term" are you referring to? The start date? If so, be realistic about that. If I'm doing a deal today, assuming the property is highly unusual I would expect to have a t/b ready to go by November 1, maybe November 15th. If something happens sooner, great. The homeowner will be happy. If a t/b can't take possession until, say, December 1, adjust the agreement to reflect that. Remember, you have the right to cancel at anytime, for any reason, as per Paragraph 8 on the CA Residential Lease agreement. Also, on the option to purchase contract and lease agreement do you fill out a new set of documents with the new tenant buyer's name on them. On a CA? No. You complete the CA Assignment Agreement. Be certain you are using the correct agreements for the type of deal you are doing, and be certain they are filled in correctly! Share this post Link to post Share on other sites
MikeT/NC 5 Report post Posted September 16, 2013 What would you put in the number of months blank? At this point you don't know how many months your tenant buyer is going to need to get qualified. Would you put,say, 12 months and then change it if your tenant buyer needed18 months. When you say you "adjust the agreement to reflect that" doesn't that mean you would have to fill out a whole new agreement with the correct number of months? Or would you maybe just white out the incorrect info and have the seller initial in the margin? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 16, 2013 The number of months in the deal is between you and the homeowner. If you've agreed to a 12 month term, then that's what the t/b has. Share this post Link to post Share on other sites
MikeT/NC 5 Report post Posted September 16, 2013 I have a question about the residential lease with option paragraph 21. Early Termination:,,I guess this means if I enter into a L/O with a seller and I can't find a suitable T/B within say 60 days then I would owe the seller one months rent which could be a thousand $s or more. Am I reading this right, it just seems a little harsh if I can't find a suitable T/B within couple of months. This seems to contradict paragraph 20 stating I can cancel my agreement. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 16, 2013 Paragraph 20 is referring to canceling the agreement before the lease start date. Paragraph 21 refers to canceling to the agreement after the lease has taken affect. For example, your t/b vacates in month 4 of a 24 month lease and you are unable to find another t/b, thereby putting you on the hook for the remaining months payments. But this clause limits you liability to an amount equal to one month's rent. Share this post Link to post Share on other sites
MikeT/NC 5 Report post Posted September 17, 2013 Thanks Michael Share this post Link to post Share on other sites
