QUESTION:
Good Day Adam. I want to focus on lease option assignments. Which lease agreement am I supposed to use? There are two of them and that confuses me. I do know that if I was going to do a sandwich lease I would use both of them. I just want to assign it (not sandwich) for the price and terms that I negotiated, no mark up.

Can I just fill out section H. Financing, part b lease purchase with $10 down (cooperative purchase agreement,) then have a tenant buyer fill out the lease option agreement packet (option to purchase T/B, lease agreement, assignment agreement, and assignment addendum?)
ANSWER:
Yes, you could literally just use the Cooperative Option agreement as you stated and assign your interest. But having the other paperwork helps outline the deal to the seller and tenant/buyer and is very important.
Adam
RESPONSE:
Thanks a lot. I’m really starting to realize the power of the Cooperative Option Agreement. I have to fax my paperwork over to my attorney at PPL. He said he may suggest that I use state specific Lease Option agreements. He said he will let me know after he looks over them. I love PPL already. I have an attorney to look over my paperwork for each deal, I feel like I am big time.
ADAM RESPONSE:
Yeah! PPL is awesome that’s for sure!
Don’t feel disappointed if your attorney changes all of the agreements. It’s the system that’s important not just the agreements within the manual. He/She should be able to undoubtedly help you with your state specific agreements and it won’t change the CP system at all!
And finally, pay close attention to the option and/or other agreements when they refer to a state. Just make sure it’s all for GA or whatever state you’re working in. Those are some other good questions to ask your attorney!
Let me know if you need anything else, I’m here all weekend!
Adam
RESPONSE:
So even if they change the Cooperative Option form, it still won’t affect the CP system?
ADAM RESPONSE:
It’s the function of the form that’s important not just the contents. So in some cases yes, the contents could change but the function shouldn’t. Example; the option agreement lays out the time, terms, price etc, which is critical. The non-exclusive clause is also critical, but that’s about it. Section H. shouldn’t be changed much at all if any, but again it’s the “function” of the form that makes it “cooperative”.

Keep things simple, ask your attorney to make sure it’s GA specific, but not to change the “function” of the agreement. As long as it’s legal its function should stay in tact. And yes, I’ve used it in GA with no problems at all. Matter of fact, I’ve used it in probably 20 states and Canada, so that should keep things simple for you.
Hope that helps, but have your attorney make sure you’re not missing anything!
Adam