WHAT IS THE BEST WAY TO TO WORK UP PURCHASE AGREEMENT BETWEEN LANDLORD/TENANT?

Asked by Ndhelp01, Summerville, SC Tue Mar 29, 2011

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7
Jim Bailey, Agent, Summerville, SC
Thu Nov 7, 2013
Keep it simple. If you are leasing: Lease. If you are buying: Buy. As another agent mentioned, getting the two things tangled up can cause nightmares if not done correctly. By all means, get some help with whatever you do. There's an old saying that good fences make good neighbors, and using an expert agent or attorney (or both) is a great way to put a "fence" between the two parties so that there no potential boundary disputes on getting the deal done.
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David Benton, Agent, Charleston, SC
Thu Sep 6, 2012
You may want to get some more advice from an attorney familiar with laws regarding lease options. I have done several lease options with all the paperwork done right and know from experience that there is a potential bomb there. I had it happen. The judge wouldn't even look at the contracts.

Talk with an attorney.
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Bill Milo, Agent, Charleston, SC
Wed Mar 30, 2011
One of the keys is to keep the lease document separate from the contract to buy. No mention should be made in the lease that the tenant has an option to purchase. If the tenant failed to pay rent and the landlord tried to evict the tenant with any mention of the option in the lease, the court would say the tenant has an equable interest in the property and it would greatly complicate the landlords ability to evict the tenant.
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Armando Vald…, Other Pro, San Antonio, TX
Wed Mar 30, 2011
Having an attorney draw the paperwork up will certainly help and it shouldn't cost too much, have the renter pay for half so that they are invested. I would make the sales price subject to a appraiser's value to protect both parties.
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Patricia Bro…, Agent, Mount Pleasant, SC
Wed Mar 30, 2011
Always get a professional involved. You have many good Real Estate Attorney's in Summerville, Wyckoff and Queery are 2 that come to mind. This transaction you are entering into can be good, but most of them turn out bad. Make sure that the document is recorded and that you pay with a check and make sure you have a statement from the Landlord/Seller. I the Landlord is in agreement with using the services of an attorney, they are probably above board on the transaction. Be very careful. Many people have lost their deposit and everything they thought they put into the home and ending in an angry mess. Good luck, Pat
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Laura Feghali, Agent, Stamford, CT
Tue Mar 29, 2011
Hi Ndhelp,
I'm in agreement with Anna that you should seek counsel from a real estate attorney to protect your interests and to be certain all documents are legally recognized.
Good luck!

Laura Feghali
Prudential Connecticut Realty
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Anna M Brocco, Agent, Williston Park, NY
Tue Mar 29, 2011
In order to best protect yourself, do consult with an attorney who specializes in real estate for all related paperwork....
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