I have the seller sign a Letter of intent to Lease and To OptionThe letter of Intent covers...Address, Rental Term, Renal Payment per month, Security Deposit, Possession Date, Option Sales Price (could new appraisal), Option Money (usually 3% or $5K min), Representations, Warranties, Covenants, and Indemnification, Legal Effect, Notice of Intent to Assign, Option Period (45 - 60 days)I have them sign the letter of intent (LOI), it goes to my attorney, and the attorney prepares the paperwork.There is an option release disclosure document that discusses that the buyer will be responsible for the following fee’s to be paid out of escrow at closing, which are for the release of the recorded notice of option, the assignment of negotiated purchase price, and the negotiated rent.2.

Most tenants do not show up so judgment is given to landlord if papers executed properly along with possession of the property.

When they sign their name they grant you legal ownership and possession of the property.

I went over there and posted notice to vacate signs after filing a Writ of Possession.

I am about to take possession of 2 tax deed properties which appear to have been abandoned for a year or more.

Those people have possession.

I am in the process of taking possession of a tax lien property that had an open mortgage on it, the bank must not have been able to get their paperwork organized or decided they didn't want to pay for whatever reason.

But for the average homeowner, a lease option is really just a way to gain possession of a house while working on purchasing it.Lease/options have a bad reputation because some investors use them to, frankly, cheat people out of the option money.

However, you need to pay the lot rent for the months the home is in the park, in your possession, and you need to clean up the lot after the home is pulled out.

For example, if the writ of possession has been filed and the sheriff office said they would come out on Friday.