I need to make sure that my LEASE OPTION paperwork is used in my deals instead of a purchase agreement. It protects me in ways a purchase agreement cannot. For one, it gives me the flexibility to get out of a deal if necessary since I have an OPTION and am not locked in by a purchase agreement. The seller, on the other hand, is locked into the agreement.

There are many clauses and issues that can only be addressed by using the lease option paperwork that I have used and modified over the years to deal with various legal challenges and problems. Much has been put into my agreement that just cannot be put into a purchase agreement. This is why I stick with using the lease option contract instead of the "standard long form" purchase agreement that some lawyers are just used to seeing.

That brings up another point. It mostly comes down to most lawyers not being used to seeing anyone use a lease option agreement to purchase. However, they see hundreds of the "standard" purchase agreement used all the time. Unfamiliarity breeds confusion and the lawyers want to see what they know. I have done hundreds of lease option deals using my paperwork, which is why I am far more comfortable (and far more protected) than using a standard purchase agreement.

Matt Bowman
Related link: www.REItoolbox.com