Lease Purchase agreement

3 Replies

I'm new to the site so any and all information or direction is greatly appreciated. I've wanted to get into real estate for quite some time now and I think I have the perfect start, but I don't know where to go from here. I currently live in a house that I have a lease purchase agreement on. The purchase price is for about $50k less than market value. So instead of purchasing it myself, I think I would just rather sell it, cash in the equity difference, learn some stuff from the deal, and do more deals. But where do I go from here? Is there certain verbiage that needs to be in the agreement? Should I find a buyer myself or let a realtor bring me a buyer?

Thanks in advance for any help and advice!

@Brandon Metzler - depending on the wording in your current Contract/Agreement, you "may" be able to simply Assign the contract to another buyer. (Disclaimer) However, I'm not a legal advisor and so would recommend you have a chat to a local attorney about the situation. Make sure you find someone familiar with Lease Options though - ask around these forums, I'm sure someone will know someone in your area who can help.

If you'd like to have a chat, I'd be happy for you to give me a call to discuss further (after 3:00pm EST please).

Originally posted by @Brandon Metzler :

I'm new to the site so any and all information or direction is greatly appreciated. I've wanted to get into real estate for quite some time now and I think I have the perfect start, but I don't know where to go from here. I currently live in a house that I have a lease purchase agreement on. The purchase price is for about $50k less than market value. So instead of purchasing it myself, I think I would just rather sell it, cash in the equity difference, learn some stuff from the deal, and do more deals. But where do I go from here? Is there certain verbiage that needs to be in the agreement? Should I find a buyer myself or let a realtor bring me a buyer?

Thanks in advance for any help and advice!

 Who knows what your Lease Purchase says? Only you and the seller!. So, read the Lease Purchase! There is a date that you have to exercise the Purchase by (usually). Put the house on the market, get a buyer and do a "double close" where your buyer pays you for the amount you decide and you pay off your Lease Purchase which presumably, if it was done properly, you have a purchase price and pay it off. You get to keep anything left over. Piece of cake.

Thank you for the help guys. One of the reasons I ask is because my current agreement is coming to an end, but he will sign another agreement extending it. So I want to make sure that in the new agreement all the wording is proper. Do either of you have an agreement that you use that maybe I could have a sample of?

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