Forum Replies Created

Viewing 9 posts - 21 through 29 (of 29 total)
1 2
  • Profile photo of LakshmiPropertyInvestorsLakshmiPropertyInvestors
    Member
    @lakshmipropertyinvestors
    Join Date: 2002
    Post Count: 30
    April 28, 2003 - 10:33 am

    If this recalcitrant tenant was signed up on a lease option deal, did he abandon his right to buy the property by walking out of the lease?
    You would probably want to be able to write a new option over the property to someone else, but if it was already optioned to the runner, that possibility would be gone.
    Does anyone else take the precaution of stipulating in their lease/option agreements that breaching the terms of the lease automatically cancels the option?
    regards to all,
    Andy

    Profile photo of LakshmiPropertyInvestorsLakshmiPropertyInvestors
    Member
    @lakshmipropertyinvestors
    Join Date: 2002
    Post Count: 30
    April 16, 2003 - 4:14 am

    Thanks Paul,
    Your answer is all we need.
    Funny how the most difficult issues become simple when you have the answer.
    Regards,
    Andy & Claire
    [:)]

    Profile photo of LakshmiPropertyInvestorsLakshmiPropertyInvestors
    Member
    @lakshmipropertyinvestors
    Join Date: 2002
    Post Count: 30
    April 15, 2003 - 10:07 am

    Retain.
    Why rent and be at the whim of a landlord, not to mention the hassle of moving twice – once when you move in, then again when the landlord decides it’s time for you to go, not necessarily when it’s convenient for you.
    You can always access the equity in your home with a line of credit loan.

    Profile photo of LakshmiPropertyInvestorsLakshmiPropertyInvestors
    Member
    @lakshmipropertyinvestors
    Join Date: 2002
    Post Count: 30
    April 14, 2003 - 7:12 am

    Thank you Steve,
    I am flattered and thrilled to receive the very answer I was looking for from the guru himself.

    It’s this sort of friendly, useful and valuable advice that keeps me away from seminars!

    There is truly nothing more powerful than knowledge.

    May your dollars keep flowing in faster than they flow out.
    Regards,
    Andy

    Profile photo of LakshmiPropertyInvestorsLakshmiPropertyInvestors
    Member
    @lakshmipropertyinvestors
    Join Date: 2002
    Post Count: 30
    April 10, 2003 - 10:28 am

    Try this site for a lease agreement

    http://www.ocba.sa.gov.au/tenancies/forms.html

    Profile photo of LakshmiPropertyInvestorsLakshmiPropertyInvestors
    Member
    @lakshmipropertyinvestors
    Join Date: 2002
    Post Count: 30
    April 4, 2003 - 3:56 am

    [:)]
    Thank you respondents.
    I think the caveat idea + the automatic payment to the bank of the seller’s lease payment would be a powerful combination.
    We appreciate your input.
    Regards,
    Andy & Claire

    Profile photo of LakshmiPropertyInvestorsLakshmiPropertyInvestors
    Member
    @lakshmipropertyinvestors
    Join Date: 2002
    Post Count: 30
    March 27, 2003 - 8:26 am

    [:)][:)][:)][:)]
    Further to my ecent post, my partner and I have located the very form that Saskatoon refers to. It is indeed published by the Real Estate Institute of SA. It’s form no: 7001.
    The REISA may not wish people to have copies direct from them as they are not exactly encouraging towards investors doing deals without the help of real estate agents.
    Claire and I are adapting the contract so it doesn’t infringe copyright, and we’ll post it here after it’s finished. Watch this space.

    Profile photo of LakshmiPropertyInvestorsLakshmiPropertyInvestors
    Member
    @lakshmipropertyinvestors
    Join Date: 2002
    Post Count: 30
    March 22, 2003 - 3:22 am

    Saskatoon, you are a legend!
    it’s amazing how much time and money can be saved by getting a tip from someone who’s done it before.

    By the way, I had a Eureka thought regarding wraps in SA. As Sandi has rightly indicated, there is a specific law preventing deals which involve payment for land in more than 3 instalments.
    What however, if one bought a property as per a normal wrap deal, and simply passed it on to a tenant buyer via alease option contract?
    The tenant buyer pays a deposit (or option premium), all legal, then
    pays higher than average weekly payments as rent until s/he wishes to refinance. If the tenant buyer backs out s/he forfeits all monies paid up to that point.
    If s/he stays in, s/he gets a home sooner than waitng for traditional finance at a better price.

    Profile photo of LakshmiPropertyInvestorsLakshmiPropertyInvestors
    Member
    @lakshmipropertyinvestors
    Join Date: 2002
    Post Count: 30
    March 20, 2003 - 5:55 am

    Thanks very much to the 3 people above who responded to my post.
    We will have a lawyer vet our draft before we show it to any prospecive clients.
    Also, we will check out the SA real estate Act to research this time payment thing.
    Regards,
    Andrew Scott

Viewing 9 posts - 21 through 29 (of 29 total)
1 2