Lease option questions

[Jesse Li]

I have a house for sale. Someone asked me if I am willing to do a lease option. I have never done that before so hope to get some advice here.

I am fine with the concept, which is getting rent money now and have a sale down the road. Or if no sale, get to keep the option fee and possibly rent premium too.

My question is, is there standard contract for this? What would be things to watch out for as the seller? What is reasonable option fee and rent premium to ask for? And do I need an attorney for this?