This agreement is a straight option to buy a house without a lease.
Revised 10/27/2014
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Meta
Not Found.
Paul,
What browser are you using to access the internet? You can try using another browser such as Chrome or Firefox and see if it works then.
Depending on the browser, you might have to right-click the link and hit “save link as” or “save file as” to have it download correctly, too.
The form is working correctly on our end, but please let me know if you continue to have problems.
Yes That was torch, I Get it now.Thanks!
Gotta Have This One.
Where is the filled out Sample of this Option agreement? I can’t find it in the Gold Club or the Quick Start Real Estate manual.
I found the filled out Sample of the OPTION TO PURCHASE REAL ESTATE AGREEMENT in the “Pretty House Terms Cash Flow System” binder.
where is the lease option agreement?
is there one anywhere?
Hey Joe,
Here’s a link to the lease-option agreement:
https://www.ronsgoldclub.com/resources/forms-and-agreements/by-course/quick-start-real-estate-school/lease-with-option
Does anyone know where I can see how to complete clause 4 of this contract or where I can get a completed sample to learn from?
Thanks
There is a very similar agreement on the list titled “Real Estate Purchase Option Agreement”. Do these serve the same purpose? If yes, is one preferable to use than the other? If no, how do we distinguish when to use one vs. the other?
Matt, did you ever receive an answer to your question? Thank you.
“The lease-option requires the property owner to sell the home if the tenant/buyer exercises their option to buy. So, the tenant/buyer is not locked into buying; and the property owner is required to sell if the tenant/buyer chooses to purchase.
The lease-purchase essentially locks the buyer and seller into a sale at the end of the lease. However, there are usually financing and appraisal contingencies involved.”
http://worthclark.com/lease-option-vs-lease-purchase-whats-difference/
As an investor, you want to use the Lease Option form
https://www.ronsgoldclub.com/resources/forms-and-agreements/by-course/quick-start-real-estate-school/lease-with-option to give to the owner of the property and you want to give the Lease Purchase form on this page to the end buyer.
Awesome!
Who initials the bottom of pages?
Both of you.
This is a great form and will help in my real estate program.
Did Jeannette or Marius ever get an answer?
I need it too.
I have a question regarding paragraph
14. OPTIONOR’S DELINQUENCY: … “Should Optionee default or allow Option to expire, all sums expended by Optionee, under this default cure provision, shall be promptly repaid in full, in cash, to Optionee by Optionor, or the lien shall remain against the Property.”
Here’s the question.
Shouldn’t the Optionee and Optionor be swapped in this sentence?
Using it first time. Hope it goes well.
Ron says to check our laws and I asked my attorney and long story short he couldn’t give me a straight answer. But does anyone know if Optioning a house is legal in Arizona? I have a feeling it is perfectly legal here I just want to make sure. I wasn’t given a straight answer and am looking for another attorney to consult with.
Brent: Yeah, this is often the case when dealing with a lot of attorneys. They’re hard to get a straight answer from them. So when that happens, I highly recommend you do this:
Stand up, shake their hand, thank them for their time, and get out of their office.
Go find another attorney to work with. One who ‘gets’ what you’re doing. And preferably an investor-friendly real estate attorney.
Hope that helps!
Hi, I have a question for you Tony Pearl.
You seem to know a lot about real estate from the different answers you have given on this site, which is why I ask you.
I am in a really bad crunch for time in my life, but I want to start in real estate like… yesterday, if you know what I mean.
Without having to go through this entire site looking for the answer (because I just don’t have time),
what is the fastest way for me to get started bringing in CASH from real estate right now…
with the least amount of risk?
And I have no money (literally not even a deposit money or escrow money) or personal credit (score less than 500) to work with…
and of course I don’t want to end up in jail doing it?
Is there any solution for me, Tony?
I have heard the subject-to route would be good in my situation and I could walk away with cash if I do it right…I have a book that supposedly gives all the details (which it seems to)…and Ron has graciously given me the forms through Gold Club…
or would wholesaling be a better option?
Again Tony, I need to get cash coming in for right now, quickly, and not go to jail doing it. (I have heard of people going to jail doing creative real estate investing.)
Maybe they didn’t have all the correct forms from Ron to cover their backs, but still, I’d rather do something that really that wouldn’t be a risk.
What would you suggest?
Thanks for your time Tony!!
Hey Jeremy,
Wow – thanks for your question, and forgive me for taking so long to reply. I actually JUST saw this just now (6/26/24), so I hope it’s not too late for you.
I’m one of Ron’s mentors, so I’d better know a lot about this stuff, right?!
Now to answer your question…
If you’re dead broke, have crappy credit, no time, and obviously want to avoid jail, I’d say the best way for you to get started making some money in real estate is to simply wholesale some deals.
You’ll need no money, no credit, there’s really no risk, and you can get started right away.
In order to do this, you’ll need to find some junker houses, find who the owner is, and get them under contract. Then, you’ll assign (sell) that contract to an investor buyer – the person who will fund the deal & pay you for bringing it to them.
The main thing you’ll need to be aware of & be careful about is to know where there are these new laws in place that make it extremely difficult and in some cases, illegal, to wholesale. Illinois, for example. So I hope you’re not trying to do business there. 🙂
You’ll need an investor-friendly real estate attorney (or title company) to assist you in conducting the transaction properly.
I’d also highly recommend that you start attending local REIA meetings in your area, and network with other investors there!
I realize that this is a very simple answer to your question.
But that’s the answer you need, for you and anyone else in the same situation.
Hope this helps!
-Tony
Hi, Does any know where the “Lease Option Check List” is?? I found the check list for the Cash Deal, the ACTS Deal, the Subject To Deal, but I can’t find the Lease Option Deal…. Help!!
Hello. Can’t I use a purchase and sale agreement [with a 90day close] and assign it. Why do I need an option agreement?
Hello all. What is the “special stipulations” line of this option to buy agreement? Why would it be needed?
Do you use this form when you are selling with a lease options as well as buying with a lease option?
Hello,
This OTP form is pretty simple to understand. I picked up on this information relatively quick. I have to admit, Ron LeGrand really knows his stuff regarding RE investing. No wonder why he is one of the leading gurus of the RE world.