How To Do a Purchase Lease Option | My Step – By – Step Process | Simon Zutshi
Articles,  Blog

How To Do a Purchase Lease Option | My Step – By – Step Process | Simon Zutshi


– Let’s not over-complicate it, it is as straightforward as that. First of all, you find an assessed or potential purchase lease option, okay? You’ve got to work out, do
they need the money now, or the favourable conditions? Does it look like something we could do? Yes, great. You then agree the deal, and complete the Heads of Terms form. That says exactly what the deal is, okay? So you need to get that
completed with the owner. And you’d get them to sign that. And by the way, when they’ve signed it, that’s a commitment. And you might actually pay
them a pound there and then. Pay them a pound, they sign the contract. That is actually a
legally binding document. The problem is, it’s not enforceable. If it went to court and they found out you just did it on the kitchen table, they could claim you
said all sorts of things, and a judge might turn it over. So that’s why we send
it to the solicitors, solicitor for you, solicitor for them, they work together, put the
contracts together, okay? They do all the paperwork. They’ll take care of all the
other legal requirements, such as restrictions, power of attorney, all those kind of things, and you’ve got to
project-manage the process. So you got to keep in touch with the owner. And if you speak to the owner and say, well, let’s get it done, and
then they don’t hear anything for a month, because the legal
paperwork’s being sorted out, they might go off the ball, they might think you’re not interested. You need to keep in touch with the seller on a regular basis. You need to be on top of
the solicitors to make sure they’re moving at the required speed. They got other people’s clients, other people they’re dealing with as well, so you need to project-manage
and keep on top of it all. That’s the process, and
let’s not over-complicate it, it is as straightforward as that. It’s about doing the
simple things consistently to get these deals to work. (banging)

2 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *