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Hey guys Claude diamonds here with another lease purchase tip one of the questions I'm asked most often is what should be in a good lease purchase contract most of the contracts i see that there are generic there either overcomplicated they there they're about as thick as the Bible and they just have too much junk in them and when people don't understand what they're signing and when you're negotiating a deal what happens they bring in mr. lawyer then things get complicated they get expensive what should be in a good lease purchase contract is simplicity okay keep it simple what are the best contracts that I use is only three pages long I designed it myself a good lease purchase contract should first of all have the basics it should have the name of the parties okay what is your name the buyers name or the tenant buyers name what is the corporation's name it should have a description of the property that you're transacting on okay it should have the price and terms it should have a date and it should have signatures at the end of the contract okay just the basics the price the terms the date the signatures okay and basically you could do a lease purchase agreement on a bar napkin if you have all the specific terms you have it bound by some kind of consideration unilateral or bilateral and you then have a performing contract something that you can use now in my contracts I put other things in there I have something called a right of assignment when I'm negotiating as an investor I want to be able to do a lot of different things with the contract I want to be able to of course control it without having to buy it that's the beauty of a lease-purchase we want to be able to rent the property to somebody else that's subletting maybe we want to rent it with an option that's a sandwich please maybe we want to sell the property we can call that we can sell the week and then sell the property if we want if we have the right contract maybe I want to sell the contract or we call that an assignment and overall you have to have a very specific assignment clause so that you have all these different rights that you can do with this property somebody else bought it but now you control it you didn't have to get the mortgage you didn't have to go to the bank you didn't have to get the 10 lawyers and the title and the escrow company that's the beauty of a lease purchase if you have a good agreement you want to have certain things in there to protect yourself disclaimers indemnification confidentiality of force majeure clauses these are things that I can get into maybe another video but right now keep the basics keep the terms very simple keep your contract short use large lettering okay some of the things I use in my contracts you know so people can read it guess what happens when you use a short concise easy-to-understand contract the person signs it okay the customer the prospect the person you're doing business with will sign it because they understand it so...

A Lease-Purchase Contract, also known as a Lease Purchase Agreement, is the heart of rent-to-own properties. It combines elements of a traditional rental agreement with an exclusive right of first refusal option for later purchase on the home. It is a shortened name for Lease with Option to Purchase Contract.