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MIAMILAW1127, Lawyer
Category: Real Estate Law
Satisfied Customers: 751
Experience:  Founding Partner at Moises Law, P.A.
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I own a property in North Myrtle Beach, SC with an existing

Customer Question

I own a property in North Myrtle Beach, SC with an existing home equity loan. Proceeds were used to purchase new residence. The property is listed for sale. I am considering a lease with option to purchase. My proposed terms are as follows: 3 year term; 5% down non-refundable; I pay for taxes, HOA and Mortgage; rent for $2k; $300/mo credit towards down payment.
Where do I find a solid lease option contract document to provide the most protection for me.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  MIAMILAW1127 replied 1 year ago.

Hello. I am going to be assisting you with your question today.

Please note: This is general information and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

When making this type of decision, I would definitely make sure to consult a real estate attorney to draft a lease with option to buy for you. This is not the type of contract that you want to end up in a dispute down the road. The initial investment in a real estate attorney would help protect you from the potential of a much larger long-term loss down the road.

I hope I have answered your questions. If I have not, please feel free to ask any follow-up questions you may have. Also, please do not forget to rate my response at your earliest convenience.

Thank you.

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