Rental Agreements with Option To Buy - Michigan

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Rental Agreements with Option To Buy - Michigan

Wholesaler · FL · Member since 2018 · 180 posts · 53 votes

I do standard rentals with the option to buy using three contracts

Rental agreement
Option agreement
Offer to purchase

I have a new eviction attorney who is wanting to combine all three contract into one.

Is this fairly common? Whats the pro's and con's?

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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
5y
Ask the attorney specifically why!
Would not recommend combining them as then you would have to present to an eviction judge - who may not understand what they are reading and rule incorrectly.
[email protected]248-209-6824
Logical Property Management4.9460 Reviews
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Philip L.
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Wholesaler · FL · Member since 2018 · 180 posts · 53 votes
5y
@Drew Sygit - I am being told it's so they can't back out of the option agreement
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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
5y
You don't back out of an option agreement, you have to excercise it.
[email protected]248-209-6824
Logical Property Management4.9460 Reviews
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