All Topics / Help Needed! / Lease-Option agreements

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of Nathan HouareauNathan Houareau
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    @the-general
    Join Date: 2006
    Post Count: 107
    May 24, 2006 - 10:01 am

    Hello everyone,

    I was speaking with a lady in the Real Estate agency today about Lease-options and she said that the documentation can just be a standard lease agreement form with an “Option” clause included (and any other required/desired clauses).

    This sounds right, doesn’t it?

    Cheers for the feedback

    Nathan

    Nathan Houareau
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    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 24, 2006 - 10:18 am

    No, I wouldn’t take advice from a real estate agent. I ahve done a few lease options, the leases are standard but the option agreements runing about 10 pages or so.

    Terryw
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    Profile photo of XeniaXenia
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    @xenia
    Join Date: 2002
    Post Count: 1,231
    May 26, 2006 - 6:09 am

    might as well ask the butcher too and see what they recomend!

    honestly, agents are NOT the right people to ask, adding a clause in a standard rent agreement is the most ridiculous thing Ive heard for a long time!

    Xenia Ioannou-Mena
    Property Manager
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    Profile photo of NewMoneyNewMoney
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    @newmoney
    Join Date: 2006
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    May 26, 2006 - 8:26 am

    Hahaha.. Good call Dr X [thumbsupanim]

    Profile photo of Nathan HouareauNathan Houareau
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    @the-general
    Join Date: 2006
    Post Count: 107
    May 27, 2006 - 3:01 am

    Thanks for your help guys.
    You people are great.

    -Nathan

    Nathan Houareau
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    Profile photo of Kiwi-FullaKiwi-Fulla
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    @kiwi-fulla
    Join Date: 2002
    Post Count: 371
    May 27, 2006 - 11:16 am

    I think the agent got mixed up … you can actually inclued a rent refference i nthe option agreement and refer it to include all termsand conditions in the state and federal residential agreements apply…. However this is not a good Idea as soon as you put the words:
    Option Fee
    Rent credit ad hte like into a rental agreement… the jugde will rule in favour of a plantiff for equitable title and you can lose the house in a worst case scenario.
    In a nutshell…
    Keep the lease and the Option paperwork very very separate… mine is only 3 pages deep and I just use the local Residential rental paperwork… for $8.95 in the local postshop or newsagents.
    Cheers,
    Kiwi

    PS…. I have just picked up a 3/4 bed 2 story house in Wallacia on a 3 year option for grand total of $1.00
    If anyone wnats it…… I can reassign the option interest directly to you… for a small fee or you can buy it outright if you want to waste the 20% capital needed to secure the deposit.
    Cheers,
    Kiwi
    Looking For 10 – 15%+… on your Cash? goto:
    http://www.kiwilogic.biz

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