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bartendjoe

Cancellation/void Lease-option Document

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Has anyone voided or cancelled a lease-option agreement? What type of paperwork/form do I need to fill out? Should I get it notarized?

 

TIA

 

Joe Hanold

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Joe, could you clarify a bit what you mean? What is your position in the deal, what type of lease purchase deal is this, and what paperwork are you using? Are there any specific references in the agreement regarding cancellation.

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Joe, could you clarify a bit what you mean? What is your position in the deal, what type of lease purchase deal is this, and what paperwork are you using? Are there any specific references in the agreement regarding cancellation.

 

Michael,

 

This is the lease-option agreement I posted about a couple of weeks ago in the legal forum. See Here

 

I have a lease w/option from the seller and have the option to lease/option to someone else. I have not been able to find anyone to lease/option but have found a standard tenant to occupy the property. The homeowner is going to sign the lease agreement directly with the tenant but I would like to have the homeowner sign something releasing me from my lease/option agreement just to cover my bases in the future.

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bartenjoe, first, my apologies for the delay in responding. I've been overwhelmed and behind schedule as the cleanup and complications from Hurricane Wilma are played out over here.

Anyway, to answer your original question, a simple document should suffice, stating that you are exercising your right to cancel, as per Page _, Paragraph _. Sign and date it and get it in the homeowner's hands. To cover yourself you'll need proof of service. I suggest mailing it using a Return Receipt as proof of delivery.

That clause you linked to above is for just such an event as you describe: a vacant property that is causing you a financial hardship. For all intents and purposes it closes the door on a homeowner's claim for damages. Then again, local law takes precedent. Speaking with a local attorney is a good idea. Don't know any in your area, Joe. But we have a number of TX based investors on board. You can try pilot76180. Or perhaps get a recommendation from your local REIG. Good luck.

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