Propertymagnets 7 Report post Posted December 17, 2013 Hi Michael and fellow NI's, I have a property owner in Indianapolis that is willing to lease purchase his vacant home. He lives in the neighborhood. I have advertised the property and recently got a phone call from a potential tenant-buyer. He has agreed to the sale price and an assignment fee of $8K. I DO NOT intend to stay in this deal. Michael, which forms do I use with the seller? I intend to assign the lease purchase to the tenant-buyer, instead of a sandwich lease. Do I use my lawyer to hold the assignment fee in escrow? In the documents to the seller I put in the agreed upon price, is that price then negotiable with the Tenant-Buyer and Seller or is that price firm? Thanks for the assistance. Charles Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 17, 2013 Sounds like you are working a typical Cooperative Assignment, Charles. If so, then you would use the CA Residential Lease Agreement, the Option to Purchase Agreement, and the CA Assignment Agreement. The assignment fee/option consideration does not need to be placed in escrow. That's your money, Charles. (By the way, have you received my Christmas list yet?)The terms are negotiated between you and the homeowner first. You then assign those same terms to the tenant/buyer.Be sure you are doing this deal correctly and are using the correct agreements! If you have any questions, contact me directly. Share this post Link to post Share on other sites
Propertymagnets 7 Report post Posted December 18, 2013 Thanks Michael, Hmm, Christmas List...Single Malt Islay Scotch Whiskies eh! 1 Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 18, 2013 Thanks Michael, Hmm, Christmas List...Single Malt Islay Scotch Whiskies eh! That's a good starting point, Charles. Did I forget to mention my preferences for cars? 1 Share this post Link to post Share on other sites
