Not a lawyer, but I would assume there could be legal issues if I went in there working, turning it over while they still had rights to be there, especially if they were paying utilities through the 30th.

I actually have a hard copy in my office to read through every now and then when I had concerns of what my landlord was doing and if it was legal.

You can use any contract that is legal in the state.

While it's true they lose their deposit and any funds that have been applied to the principle balance on the loan if they don't follow through, they may never qualify (potential for more option money, longer term cashflow though)...The only other thing I can think of would be to enter the deal while legally structured as a trust, then you could transfer all or part of your "beneficial interest" in the property for a fee.

And legal entanglements will follow.If they have a significant portfolio, and this is one small chunk of their money, then it might be something to consider.I have done deals as a lender where the borrower did borrow a small portion of the deal to cover their part.

I assume I need to make sure it's legal and can be counted as a bedroom?

Three added considerations:1. know the laws2. seek legal advice from an attorney3.

Contract Law 101No contract exists without consideration from both parties.Legal Elements of a ContractThe essential elements necessary to form a binding contract are usually described as: • An Offer• An Acceptance in strict compliance with the terms of the offer• Legal Purpose/Objective• Mutuality of Obligation – also known as the “meeting of the minds”• Consideration• Competent PartiesConsideration is an essential element of any valid contract.

Legally im just trying to make sure we are all swuared away.Would i need to go ahead and place my brothers name and sisters name on the deed to avoid having to do it later when we sell it?

I read about these deals but don't understand the legal paperwork needed.