Legal Question in Real Estate Law in Colorado

Lease with option to buy

There is a house that I can purshase lease or option to buy the sellers have their own Lawyer. They told me to get a lawyer also is that necessary ? The sellers said they wanted $1250.00 plus same for deposit now they changed there mind... They said I had to get a Lawyer and make a offer. I guess ask for my own terms ? Sellers just said do it with your lawyer. What should I do ? There is a document place called we are the people. Is that a option and we make our offer and ask for what we want as a down payment and how much should go to the equity part of it between1-2 % down on a $229.000 property and put down what we think? I have read the lease to own and option to buy on the internet . I know what the difference is. They only want a $1250.00 payment on a very nice home . What kind of Lawyer should I get if Necessary? What is the average amount to hire a Lawyer to draw up such papers? Really wanting to buy this house from Sellers cannot get a updated 4 bed 3 bath home 2000 sq feet at this price, house payment they asked for. Thank you for your time. Please Help me.


Asked on 8/12/07, 10:35 pm

1 Answer from Attorneys
Robert Murillo Pivotal Legal Ltd.

Re: Lease with option to buy

Morning,

You need to get an attorney. If you only had to worry about an offer you could just use the CO real estate commission forms. Unfortunately, a lease with option is much more than just a purchase contract.

You need a lease agreement, an option agreement (or option terms as part of the lease) and, depending on the parties, the purchase contract.

Do not do this yourself as there are too many relevant terms and issues (including assuring that this plan does not trigger a due-on-sale clause in the deed of trust) for you to adequately determine. The legal fees would vary but I would think somewhere around $1,000 and up for a real estate attorney. Remember that you two appear to be dealing without a broker so you are already saving about 6% in fees (or about $14,000).

Get an attorney to advise you and good luck.

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Answered on 8/13/07, 9:20 am


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