I'm offering my primary residence as a LO. I'm in San Jose CA.
My questions for CA LO transactions:
1) Where can I obtain the required documents?
2) What exact documents are required? (Lease, Option to Purchase, Purchase Agreement?)
3) Is there a usual or standard amount/percentage for the Option Fee, rent credits, and any other fees/charges?
4) Should I involve a RE attorney or are the CA Realtor Assoc Board forms sufficient?
5) Is it ok to have a minimum purchase price with a right to reappraisal at lease expiration to adjust price to current market price?
6) What is the standard period between the lease expiration and the Option to Purchase commitment, if they decide to buy?
7) I'm receiving many emails from my ad. Is there a tutorial/explanatory video available somewhere and a standard letter I can send to explain how LOs work?
This will be my first transaction, so Any other advice appreciated. Thank you.
Hey Gary, how is this coming along?