Insert Alternative Choice from the Land Lease Agreement and eSign it in minutes

Aug 6th, 2022
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How to Insert Alternative Choice from the Land Lease Agreement

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[Music] hello again everyone Im attorney Robert fleshes before you enter into a residential lease agreement as a tenant or if youre a landlord drafting a rental agreement to give to a tenant you really need to watch this video Im going to tell you about seven possible provisions that could be included in the lease that could be illegal rendering the entire lease void which means the lease isnt enforceable and if you find this video helpful please consider subscribing to my channel remember that every state has different landlord tenant laws but the seven contract terms that Im going to discuss in this video are probably illegal in most states the illegal terms that Im discussing do not impose criminal liability on the landlord first lets talk about the form of the lease many landlords download boilerplate leases from the internet in order to avoid paying attorney to prepare a valid and effective residential lease or to pay for a state-approved lease containing enforceable terms

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An option to purchase agreement gives a home buyer the exclusive right to purchase a property within a specified time period and for a fixed or sometimes variable price. This, in turn, prevents sellers from providing other parties with offers or selling to them within this time period.
In a land lease deal, youre purchasing just the dwelling and paying rent on the land to the landowner.
This means that anyone who purchases a residential or commercial property will own it only for a period of 99 years, after which the ownership is given back to the landowner. Buyers of leasehold properties are required to pay a ground rent to the landowner for this.
Unless otherwise specified in the original land lease, upon expiration, the land, building and any other improvements on the land revert to the owner. With the landlord owning the land, building and improvements, that doesnt leave much for the apartment owners. In fact, theres nothing left.
In a land lease deal, youre purchasing just the dwelling and paying rent on the land to the landowner.
So the building that the co-op corporation paid for and built will simply be handed over the to landlord if a land lease is not successfully renewed. For a co-op shareholder, that means the value of their shares will plummet to zero.
A land lease option is a clause in a real estate contract that grants the renter or lessee the right, but not the obligation, to extend his or her use of a property beyond the term specified in the contract.
Cons. Typically requires an option fee in addition to your rent payments. Market shifts during your rental period may affect home value. Risk of losing money if you ultimately dont qualify for a mortgage or decide not to purchase the property.
If the lease expires and is not renewed, you will have to give up use of the land upon which your home is built. Some surrender clauses stipulate that you also must surrender any improvements to the land (i.e., your condo, town house, or house). Avoid ugly surprises by getting the information before you buy.

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