QUESTION:
When I assign a lease option contract, does the tenant buyer have to sign a new lease?
ANSWER:
Sometimes they will because they’ll have to put the water in their name etc. I make sure when there’s an assignment they create a new EVERY time, so in short yes. However, DO NOT be the guy filling it out for them! A licensed attorney must do that, or they must do that on their own. However, it’s usually very easy for them to do as they have your original with the seller and they can just basically copy it and change the names. But again, DO NOT give legal advice and do your very best to make that disclaimer to them that you’re not an attorney, financial advisor etc.
Hope that helps,
Adam