Thank you Brian Gibbons - LOA's

[Nate Green]

I just wanted to say thank you to @Brian Gibbons for talking with me last night and educating me on lease option assignments. As a lot of people have said he is great and very nice and understanding. He helped lay out a map of sorts for me on how to do LOA's. I'm going to write it out on this post and make sure that I have everything written down correctly.

1) Lease w/ option w/ seller - gives right to market the house

2) Market for buyer -walk through house with potential buyer; if they like the house - earnest money agreement (1/2 of the option fee - $2,500)

3) W/in 7 days they head to attorney's office and sign a new lease w/option agreement and give the rest of the option fee ($2,500) plus first and last month's rent and security. Money goes into lawyer's trust account. I sign an option release agreement.

4) Seller signs this new lease w/ option agreement (prepared by me)

5) Lawyer cuts a check for X (approx. $2,000?) to the seller and $5,000 to me. The buyer gets the keys.

I may have this a little bit messed up so any feedback is welcome.

Thanks again to Brian!