Today many are interested in a certain type of real estate transaction commonly referred to as a “Lease Option”.  In this scenario, typically a tenant has the right to occupy the property while at the same time having an option to buy that same property, all on the terms and conditions contained within the Lease Option contract.  As a result, the Lease Option document must capture two agreements – the lease agreement and the real estate purchase agreement.  It is critical to have a Lease Option that reflects the agreement of both parties on all of the material terms related to the lease and to the real estate purchase.  Commonly used forms often exclude some of these material terms and therefore create issues related to the enforceability of the lease, the option, or both.  We invite you to visit with a real estate attorney at Bogin, Munns and Munns to ensure your Lease Option is adequately prepared.

 

NO LEGAL ADVICE: This blog entry is not intended as legal advice nor should you consider it as such. It is intended only as general information.  You should not act upon this information without retaining professional legal counsel. Please keep in mind that merely subscribing to or reading this blog or otherwise contacting Bogin Munns & Munns, P.A. in the manner that you have will not establish an attorney-client relationship with our firm. Bogin Munns & Munns, P.A. cannot represent you until the firm knows there would not be a conflict of interest, and the firm determines that it is otherwise able to accept the engagement. The engagement would also be confirmed by a written agreement.

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