Assigning a Lease Purchase Agreement

[Christian Arellano]

hello,
I've been reading about Lease Options and I found that anyone can make quick cash by assigning their contract. I just want to know if this is the basic way of doing it.

Step One: Find a motivated seller
Step two: Lock up the property under contract. (I have a good Lease Purchase Agreement that I had a lawyer review.)
Step Three: Assign that contract to another investor for a fee using an Assignment of Lease with Option to Purchase Agreement.
And thats it right?

[Bill Gulley]

Hi, the Optionor/Landlord will generally give a non-assignable lease unless you agree to this up front. Different interests are conveyed under a lease and an option. But you have the basics. I caution you though, what your attorney told you was something like "your agreement conforms to state statute" or "this is OK, you can use this". Usually his/her review is simply saying that the agreement is not in violation of law. It's not the same as having a professionally drafted contract for your area. Does it address settlement issues, insurance, taxes, death, incapacitation, bankruptcy. liens created during the option period? Just to mention a few issues. Good Luck, Bill