Sat, Jul 04, 2009
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Purchase / Lease Option Deals |
Thefish
6 Posts
Member Since: 05/04/2005
Getzville, NY
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Posted: 09:53 on 05-16-2005
I have been reading some books and other material about purchase and/or lease option investing. My question is, is this legal? Specifically in NY State. Basically the program is you find someone that desperately wants out of a property. Then find a tenant / buyer that will "rent to own" (meaninfg rent with the option to purchase down the road). You are in essence the middle man (or woman), that structures the deal to provide a profit for yourself. After all the bank or a credit card company does the same thing. Allowing a customer to use thier money - for a fee.
I would like to get some feedback on this from as many sources as possible. Even then I will consult an attorney before diving into this or any other pool. Thanks! 
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LeaseOptionKing
1553 Posts
Member Since: 07/26/2004
Columbus, GA
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Posted: 13:22 on 05-16-2005
It is very legal in all states, although Texas has pending legislation to make it more difficult.
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"A deal is only as good as the quality of your Contracts." --Me
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LeaseOptionKing
1553 Posts
Member Since: 07/26/2004
Columbus, GA
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Posted: 17:22 on 05-16-2005
A Lease give you the rights to sublease (unless specifically prohibited by the Lease), and the Option gives you equitable title, which gives you sale and assignment rights (unless prohibited by the verbiage of the Option).
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chumah
65 Posts
Member Since: 06/25/2004
Dogwood Acres, TX
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Posted: 18:10 on 05-16-2005
Optionking is right--Nevertheless, contacting your atty as you stated is a positive idea....
Cheers
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Thefish
6 Posts
Member Since: 05/04/2005
Getzville, NY
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Posted: 09:35 on 05-17-2005
It is probably a good idea to have verbage in the contract prohibiting your lease / purchase buyer from subleasing until the the property is sold to them and the deal closed.
By the way does anyone know a good source for sample purchase (from seller) and / or lease option contracts using the various clauses that can be used for various deals? I am sure that any standard language would have to ber modified depending on the specific deal being structured. I am thinking that it wold be easier to start with a solid basic foundation than to try and reinvent the wheel. 
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prodigy_2k
7 Posts
Member Since: 05/16/2005
Manhattan, KS
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Posted: 12:16 on 05-17-2005
I too would like some info on this. I live in a great area. Has anybody ever heard of AD Kessler and his lease/purchase mentoring program before?
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