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Basic Things You Should Know About A Lease Purchase Contract
What exactly is a contract? By definition, a contract is an agreement between two or more parties to do, or to refrain from doing, a particular thing in exchange for something valuable. The parties can be individuals, businesses, organizations and government agencies. They key elements of a successful real estate contract: 1. Offer and acceptance This implies original signatures with no alterations to the contract. Don't mistake offer and acceptance for counter-offer. When the original offer is marked up and initialed by the party receiving it, then signed, you got a counter-offer and not offer and acceptance. When you come to a final agreement, you should rewrite the contract according to the agreement and this contract must be signed by both parties. 2. Consideration Usually, money is the form of consideration people use, but sometimes, a promise to perform/pay is also good. . 3. Written contract All real estate contracts must be in writing. In order to write a good real estate contract, you must keep in mind these things: You must write the full name of the parties on the contract and thus identify the parties. You must have the legal description on the contract. Sometimes, the address will do, but it's preferable to have the full legal description. By having this on the contract, you will have the property identified. You must have the amount of the sales price on the contract. The contract must be signed by all the parties involved, or it won't be enforceable. Keep in mind that minors, drugged persons, mentally unfit etc, cannot sign any contracts. Make sure that all the parties involved are competent. Make sure all parties know the essential details, rights and obligations that are stated in the contract. What exactly is a lease purchase contract? Lease purchase contracts combine the basic lease contract with the option to purchase and, during or at the end of the lease period, it gives the tenant/buyer exclusive right to buy the home under the terms to which both parties agree in the contract. But first, the tenant/buyer have to pay the landlord/seller a non-refundable option deposit that is applied to the purchase price of the home. Then, the tenant/buyer pays a sum that is typical to the rental amount and usually, it is done on a monthly basis. A portion of that monthly payment is applied to the purchase price of the home. Amanda Shoemaker owns a great directory of lease and lease purchase properties and houses for rent. Visit her site at http://www.leasebeast.com
Latest News:Site: Yahoo! News Search Results for news Myanmar's Suu Kyi to get family letters, news mags (Reuters via Yahoo! News) Detained Myanmar opposition leader Aung San Suu Kyi has managed to wring small concessions from the ruling generals in the form of letters from her family and some international news magazines, her lawyer said on Friday. SEC Looks Into UAL Stock Scare; Implications For Online News? (CBS News) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel 's current news flow, was picked up by a Google (NSDQ: GOOG) News bot and, via a reporter for a newsletter, made it onto Bloomberg News. After a lot of buck ... JCDecaux in talks for News Outdoor Group in Russia (AP via Yahoo! News) French outdoor advertising firm JCDecaux SA said Thursday it is negotiating to buy Russian rival News Outdoor Group from global media company News Corp. JCDecaux and News Corp. in talks to combine outdoor ad groups (International Herald Tribune) The News Corp. chief executive, Rupert Murdoch, has recently expressed nervousness about investments in Russia, where News Outdoor generated the bulk of its revenue last year. News Corp tightens grip on Premiere with new CEO (Reuters via Yahoo! News) Rupert Murdoch tightened his grip on German pay-TV broadcaster Premiere by appointing News Corp executive Mark Williams as CEO in a move to get the company back on track. SEC Looks Into UAL Stock Scare; Implications For Online News? (paidContent.org via Yahoo! Finance) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel's current news flow, was picked up by a Google News bot and, via a reporter for a newsletter, made it onto Bloomberg News. Phila. mayor to announce grim budget news (The Philadelphia Inquirer) The Nutter administration is expected to announce grim budget news today, which is all but certain to lead to significant spending cuts - perhaps as high as 10 percent - in some city departments, according to three sources familiar with the budget. DIVA TALK: Chatting with In the Heights ' Mandy Gonzalez Plus News of Fraser, Testa and Bundy (Playbill) News, views and reviews about the multi-talented women of the musical theatre and the concert/cabaret stage. Help News pick Stadium's greatest moment (New York Daily News) The News is marking the countdown to the final game at The House That Ruth Built by reflecting on Yankee Stadium's greatest moments - and we're asking you - the reader - to help us pick out the best of the best. JCDecaux in talks to buy News Corp. billboard unit (AP via Yahoo! Finance) In a deal that would create the world's largest outdoor advertising company, French conglomerate JCDecaux SA said Thursday that it is in talks to buy Russian rival News Outdoor Group from global media company News Corp. Warning: MagpieRSS: Failed to parse RSS file. (> required at line 14, column 29) in /home/.hellodolly/jsteiner64/scholarlyarticles.org/leases-leasing/magpierss/rss_fetch.inc on line 238 Site: Warning: Invalid argument supplied for foreach() in /home/.hellodolly/jsteiner64/scholarlyarticles.org/leases-leasing/inc/ads-body.inc on line 52 MORE RESOURCES: Site: Yahoo! News Search Results for leases leasing Profile: NALP of Year Winner Feldman Says, 'Leasing Is about People, not Property' (Multi-Housing News) Thomas Feldman is the proud recipient of the 2008 National Apartment Leasing Professional (NALP) of the Year title from the National Apartment Association Education Institute (NAAEI). Feldman leases apartments at 100 Memorial Drive, a 260-unit building in Cambridge, Mass. He believes, "You really need to make the experience of a site visit more than just a live 'virtual tour.' Gas Leasing Rights (WENY-TV) ALBANY--New York Attorney General Andrew Cuomo is warning landowner's to be careful when they enter into oil and gas leases. Cuomo wants landowners to know their rights. The Attorney General's office is investigating a significant number of complaints. Farmland leasing program Sept. 11 (The Journal-Standard) Landowners looking for information about farm leasing and farm management are invited to a Farmland Leasing Program from 9 to 11 a.m. Thursday, Sept. 11, at the Stephenson County Farm Bureau building, 210 W. Spring St. Cuomo to landowners: Know your rights (The Post-Standard) New York State Attorney General Andrew Cuomo is alerting landowners to know their rights and to beware of "strong-arm tactics" before leasing property to gas exploration companies that are prospecting various counties in the state, including Madison. DNC leases Aspen buses (Vail Daily) ASPEN, Colorado ? The Roaring Fork Transportation Authority will never be accused of throwing Barack Obama under the bus. Vintage Park Developers on leasing: We?re on schedule (Cypress Sun) With ?For Lease? signs posted over many of the store front windows, right now Vintage Park may look like a ghost town. But that?s expected to change. INDECISION '08: Tenant Hesitation Hinders Leasing of New Projects (CoStar Group) Call it the "deer in the headlights" effect. Caught in the glare of bad economic news, mixed-signals about the direction of the economy and an imminent change in administrations, many business tenants are opting to stay in a holding pattern and renew... State oil and gas leases sold (Bozeman Daily Chronicle) Oil and gas tracts under and along the Yellowstone and Boulder rivers that caused concern among conservation groups this summer sold for a pretty penny this week at the state?s regular oil and gas lease sale. Carl Pope: A Very 21st-Century Scandal (HuffingtonPost) Denver -- Reporters periodically ask me for good story leads. For five years I've been urging them to dig into the oil and gas leasing... Sex, drugs and . . . offshore oil drilling (Louisville Courier-Journal) An Interior Department investigation found a "culture of substance abuse and promiscuity" by workers at the federal agency that issues offshore drilling leases and collects royalties. Warning: MagpieRSS: Failed to parse RSS file. (> required at line 14, column 29) in /home/.hellodolly/jsteiner64/scholarlyarticles.org/leases-leasing/magpierss/rss_fetch.inc on line 238 Site: Warning: Invalid argument supplied for foreach() in /home/.hellodolly/jsteiner64/scholarlyarticles.org/leases-leasing/inc/rss.php on line 26 |
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