What to do when buying a property using lease options to buy.
“ If you are going to lease opinion from the seller, what the seller has is the deed to the property. What you want to do with that seller is to create a situation where you can get the deed when you want to exercise your option to buy. What I suggest is that seller’s deed be placed in escrow.” – Lou Brown
For more valuable information click on this link and watch the complete episode: https://youtu.be/FUNhhxiFVhM- “Seller Finance Confusion? Best Lease Option Strategies? Lou Reveals All”
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Scott Paton:
I know you’ll love this one. Lease option with a seller. I can’t buy in a land trust. I think you said you don’t need an LLC to use when these optioning from a seller. What do we use? I think you said we don’t need an LLC.
Lou Brown:
I’m not clear about what you mean that you can’t buy in a land trust. What the seller has at, if you’re going to lease option from the seller, what the seller has is the Deed To The Property. What you want to do with that seller is to create a situation where you can get the deed when you want to exercise your option to buy. So, what I suggest is that that deed, the seller’s deed be placed in Escrow. In other words, with the sellers full cooperation, knowledge and consent that they sign a deed it’s placed in Escrow with Escrow Instructions that essentially States that when you do what you said you are going to do, then you can get the deed from this third party. And the reason this is so important, because that owner of the property, they could pass away, they could get into a lawsuit.
They could have all kinds of issues that could prevent you from getting your deed at the appropriate time that you want to exercise your option. For example, when your buyer wants to buy the property, we want to be able to deliver a deed to them. So, in my volume 9 lease options, and you can go to www.StreetSmartInvestor.com and then pull down the tools menu and look at volume 9 lease options. And what you’d be able to find is the whole full system where we have those Escrow Instructions in there. But, I would not buy a property on a lease with the option to buy from a seller without that deed going into Escrow.
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