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Will Your "Lease Options Contracts" Meet Local Magistrate's Approval?

By
Industry Observer with Vacant Land Solutions NMLS #241036

Over the past months, we have heard several Charleston Investors tell horror stories about

when they "attempted to evict a tenant local Magistrates ruled against them,

who had not honored their lease option contract" saying that "They would have to foreclose!"?

which as many of you know, is a much more lengthy and expensive process.

If "Lease Optioning" is your exit strategy, you might want to make plans to be at our July 8. 2008
meeting
because, our Guest Speaker will be Judy Wolk.

Judy was the education director for the Charleston Trident Association of Realtors ® in Charleston from 1994-2006.

She has taught real estate and property management licensing and continuing education courses since 1987.

In her former life, she co- owned and operated a property management company, which her partner resurrected last year. Judy currently is a third-year law student at the Charleston School of Law and plans to specialize in real estate!

She too, is an investor ( small-time) and currently holds a SC real estate brokers license.

Judy will reveal:

* What most people think an option is..
* 3 forms needed to make a lease option legal..
* Why options may not be good for a seller or a buyer..
* The one thing that you do not want to put in the lease..

..and several other "secrets" that you might want to know BEFORE you are standing in Magistrate Court.

PLUS

Mastermind Breakout Sessions focusing on Rehabbing, Foreclosures, Private Funding, Wholesaling, Multi-Family, Mortgages/financing, and a NEW Dealmakers group!

Bring every question that you have? (If someone doesn't know the answer, we will get it for you)

Bring something to take notes on all the answers, suggestions, & advice you will get.

Bring a friend, co-worker, relative that is interested in learning more about real estate investing.

BRING LOTS OF BUSINESS CARDS & IF YOU HAVE PROPERTY TO SELL.. BRING FLYERS

Bring a commitment to GIVING/SHARING.. rather than receiving.

Whether you are just starting out in real estate investing, or are working on your hundredth deal, Charleston Real Estate Investors can help you learn more, earn more, and have more fun doing it.

Guests are Welcomed (First Time FREE)

Meeting starts promptly at 6 PM (Ends at 8 PM)

(Might want to get there early to get a seat at your favorite table)

Really, really hope you can make this meeting..

it's going to be very, very informative

and could save you THOUSANDS of dollars!

R.S.V.P. our meetup page today

http://realestate.meetup.com/910

 

Comments(2)

Bob Southard
Atlas Realty Service, LLC - Kennesaw, GA
e-Pro - Cobb,Cherokee,NorthFulton,Paulding,Bartow

I have not heard of it being tested in court but I have been advised that it is similar here in Ga.  If a buyer/tenant is paying a portion each month to apply toward purchase they have an implied ownership for that portion.

If the buyer/tenant files BK they could list that as an asset and your home just got ties up in a bankruptcy!  That is just one example of the risks of the implied ownership.

 

Jun 22, 2008 06:38 AM
Linda Coen-Cushman
Coen-Cushman Real Estate, LLC. - Fort Bragg, NC

Wow!  I never thought of this.  Thanks for sharing........

Jun 22, 2008 07:05 AM