Lease Option

[Chris Silvas]

Does anyone have a pretty solid copy of a lease option contract. I believe there are 2 separate contracts, one for the purchase and one for the lease, but I could be wrong. I have a motivated seller who is looking for a steady stream of monthly income. My cash offer was too low so I offered terms. I live in Texas (Houston) and I know there are stringent laws for the seller, but I would be the buyer in this situation. Any info or direction is greatly appreciated.

[Steve Vaughan]

I just use a lease and a separate exclusive or standard option to purchase.  It should be notarized and recordable.

I also do a Memorandum of Option if I don't want to record the actual Option.  It's a short notice that there is an option on the property for public record.

Look on your county recorder's website for examples of options.  Same place you would view deeds.  Could also use what was recorded in a neighboring county if yours doesn't have any. Go to the courthouse if needed. Just make sure it is TX specific.

Find examples of recorded options and memorandum of options and model them.  Good find and good luck @Chris Silvas!