Lease Option - Purchase agreement needed??

[Michael Baradell]

Hey guys,

I have gotten mixed reviews on this, so I would like to see BP's thoughts on it. On a lease option, I will have my lease and a separate contract that will give the TB the option to purchase and also disclose the non refundable option fee. Should the details of the purchase go on this form as well or should I have a purchase agreement as well? If I have three separate contracts, how do you go about dating the purchase agreement? 

Also, I truly want the TB to actuall purchase the property in the end and would like to set them up to succeed. Can I put in one of those contracts that the TB must work with a mortgage broker or some kind of financial financial advisor to help guide them on a monthly basis to achieving the required credit score to qualify?