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I own a property in North Myrtle Beach, SC with an existing…

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I own a property in...
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: 2 years ago.Category: Real Estate Law
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Answered in 5 minutes by:
3/9/2016
Real Estate Lawyer: MIAMILAW1127, Lawyer replied 2 years ago
MIAMILAW1127
MIAMILAW1127, Lawyer
Category: Real Estate Law
Satisfied Customers: 755
Experience: Founding Partner at Moises Law, P.A.
Verified

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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MIAMILAW1127
MIAMILAW1127, Lawyer
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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