Sandwich Lease Assistance....

[CarrieKoch]

I have a seller that has agreed to a sandwich lease. We`ve signed a standard lease option agreement but I`m not sure if that is what we should be using since I really won`t be a tenant and I want the rights to lease option the property to someone else.

I`m also looking for a lawyer in Ontario that is familiar with this type of agreement as well.

Thanks for your help!

 

[RedlineBrett]

QUOTE (CarrieKoch @ Jul 5 2010, 06:58 AM) I have a seller that has agreed to a sandwich lease. We`ve signed a standard lease option agreement but I`m not sure if that is what we should be using since I really won`t be a tenant and I want the rights to lease option the property to someone else.

I`m also looking for a lawyer in Ontario that is familiar with this type of agreement as well.

Thanks for your help!

Make sure you, your seller and your lawyer go about this the right way so that it doesn`t appear at all that you are selling the property on behalf of the seller and making a profit while doing so. To sell property for someone for a fee you need to have a license (realtor).

You need to demonstrate an equitable interest with a certain intent all the way along and your paperwork and what you say to the seller/buyer has to reflect this.

 

[markl]

Carrie,

I have emailed you forms that you can use as a template. Congrats on the sandwich lease option let me know if you need anything other than the forms.

Regards,

 

[CarrieKoch]

QUOTE (markl @ Jul 5 2010, 01:36 PM) Carrie,

I have emailed you forms that you can use as a template. Congrats on the sandwich lease option let me know if you need anything other than the forms.

Regards,

Thanks Mark! Those are basically the forms that I used...just wasn`t sure if there was something different since I`m not really the tenant buyer.

Can you recommend a lawyer to do this ? Or would do you not need one? The seller`s lawyer is looking over the paperwork today.

 

[markl]

Ahh lawyers

Have you spoken to your lawyer and shown them the paperwork? I will dig up a name of a person I have in Barrie for you as well.

Regards,

 

[CarrieKoch]

QUOTE (markl @ Jul 5 2010, 04:21 PM) Ahh lawyers

Have you spoken to your lawyer and shown them the paperwork? I will dig up a name of a person I have in Barrie for you as well.

Regards,


My lawyer (the one we`ve used the last few times) isn`t familiar with lease options and I`d rather have a lawyer do this that is comfortable with it. Seems like you need a different lawyer for each specialty, regular purchases, lease options, jv agreements, 2nd mortgages. Talk about job creation