Tips for Lease Option Agreements
Are you looking for tips for lease option agreements? Welcome to another episode of Q&A Sunday! There are so many things you can do to take your property investment game to the next level. Tuning in to these weekly videos is one of them. That’s because you will learn a variety of things. You will pick up some gems which you didn’t even know you needed. It’s a change for our community to quiz Samuel with questions about everything from happiness to HMOs.
This week, you can learn about different types of tenancy agreements, HMOs and leases. The first question is about lease option agreements. Lease option agreement is when you buy a property now, but you pay for it later. So, you fix a sale price today and then say in 5 years, you have an option but not an obligation to purchase at that agreed price. If at the end of that 5-year term, the seller decides not to sell it, because it’s worth way more. This defeats the whole purpose of the lease option agreement. When sellers try to change their mind, they can’t if the contract is strong enough. You need to make sure that the seller is represented by a solicitor – that way, at the end of the term, the seller can’t say “I didn’t know what I was doing”.
This advice comes from Samuel’s own personal experience (as does the vast majority of his content). If you want to know more about lease option agreements and other property investment strategies, the resources are here for you. The first thing you should do is sign up for the free Crash Course. It’s a 2-day experience which is likely to blow your mind with the possibilities. It’s time for action, don’t hesitate – make your future brighter now.