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Hello Jackie and members,
Just wanted to pose a question on lease options that protect the optionor from a new 5% down law in FL. Basically if the optionor pays more than 5% down or holds the property for more than a year then defaults on payments they need to be foreclosed on which is a long and expensive process!
We have a duplex that we want to sell with a special option. We would like to use an agreement where we don’t have to foreclose if payments are not made. I believe Jack Shea teaches how to do this and I have reached out to him as well.Option Price is 110k
Consideration is 10k
3k of this is going to the wholesaler who found the buyer/ optionee.
Monthly lease payments are 975 with 1st and last due at signing. 100 per payment going to principal.
Its a 40 month L/O
The property is held in our LLC.
There is a recorded private mortgage on the property.What forms would give us the protection we need from potential default and give the buyer/investor the right to rent the property and manage it, etc? I know the lease and option contract should be kept separate.
Perhaps contract for option or contract for BI of a trust?
What else should we require to keep our ducks in a row?Thanks in advance for your feedback!
Regards
If you want send me an e mail. I use a “Contract For Option To Purchase Benificial Interest In A Land Trust
Don Wede [email protected]
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