QUESTION:
Good Evening Adam. Cooperative Option Assignment vs Lease Option Assignment. Please give me an example of a cooperative option assignment.

Does a cooperative option assignment mean that I just fill out the cooperative option agreement only and then assign it to an end buyer or investor?

I was thinking that I can fill out the the cooperative option agreement (no lease) select part b in the financing section. Then I would find an end buyer and we would both sign the cooperative option assignment agreement and then all three parties would sign a cooperative option assignment addendum. If I understand correctly the seller and the t/b would have to sign a lease option agreement.

If I do a lease option assignment I would have to have two leases, (mine and the tenant buyer’s) the lease option assignment addendum makes my lease null and void, correct or incorrect?

Thanks
ANSWER:
There’s models for each in the book and yes, anything that you and your attorney decide can be changed and/or modified in order to fulfill the acquisition. I’ve done it both ways. Option, negotiate lease option terms and then simply assign my agreement. Then the seller and tenant/buyer would create their own agreements. But consider this, it’s important to help people understand at all times what the specifics are and that’s why I used the option agreement with section H. Sometimes I would negotiate those terms with the seller and then just assign the actual option agreement. It seems you’re getting your head around things very well. You’ll learn a lot more and a lot faster as you start doing deals.
Hope that helps,
Adam