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Checklists for Tenant/Buyers and Sellers
by Chuck & Sue DeFiore
Checklist for Final Meeting With The Tenant/Buyer
Call the tenant/buyer and tell them congratulations, you have been
approved. Set up the meeting and tell them to bring one check for the
first months rent, made out to the seller, and a second check for the
assignment fee, made out to you. These must be certified funds. If they
do not bring certified funds, but a personal check; hold all paperwork
until the checks clear and DO NOT GIVE THEM THE KEY. (You can take their
personal check to their bank and cash it to move this process along).
Tell them if the funds are certified, then at the meeting they will get
their copy of the contract, assignment form, and the key (Only if this
is the way you and seller have decided to proceed). Some sellers want to
meet with the tenant/buyers and give them the key. Or, if the seller is
occupying the home, they will need to move out. If the lease is not
starting until a later date, then the tenant/buyer will receive the key
then, usually from the seller.
Send out your final letters later that day or the next and you're done.
Checklist for Meeting With Seller
After you have qualified a seller by telephone, and have set up a time
to meet with him/her to sign the contracts and see their property, you
need to bring the following. Note: (Be sure all parties that are on the
deed are present).
1. Appropriate contract
2. Assignment form (if appropriate to thecontract)
3. Business cards 4. Brochure
If after you see the property, and feel it would make a good lease
purchase, go through the contract with the seller. Have the seller(s)
sign and initial where appropriate. You should also sign and initial at
this time. If the assignment form is needed (co-op, straight assignment)
have the seller(s) sign off the assignment form also. Get the key. Tell
the seller(s) you will mail them a copy of the completed paperwork.
If you can't come to terms with the seller(s), leave a brochure and
business card. Thank the seller(s) for their time. Be sure to follow-up
by letter and enter the appropriate information in your database for
follow-up.
If the property does not meet your needs, and/or seller(s) wants
ridiculous terms; tell the seller(s) you will need to evaluate the
numbers and get back to them. Call the seller(s) in a day or so, and
tell them that the property and terms did not fit your parameters for a
lease purchase, and suggest a consultation. Be sure to follow-up your
call with a letter along with a business card and brochure.
Please keep in mind if at all possible you should have a basic
understanding of the terms agreed to before going out to see the
property. (The form in you LP manual for qualifying a home gets you all
the information you need before you go out) This avoids making
unnecessary trips to properties that are not workable.
Checklist for Meeting With A Tenant/Buyer (You Have Not Done An
Application Yet)
After you have pre-qualified a tenant/buyer by phone (using the form in
your LP manual), and have set up a time to meet with them to show the
inside of the property (Note: Be sure when you set up the meeting time
to tell the tenant/buyer to bring cash or checkbook for the application
fee) you need to bring the following:
1. Application/Credit Check Form
2. Finance Summary Form
3. Flyers on the Property
4. Business cards (All of these forms are in your Lease Purchase Manual)
When the tenant/buyer arrives give them a copy of the flyer on the home,
your business card and an application.
If the tenant/buyer is interested in the property have him/her fill out
the application/credit check form. For couples get information on both.
If the tenant/buyer really likes the property tell them you need a
deposit to hold it. The minimum we require is 10% of the assignment fee.
If they give you a deposit, fill out the Finance Summary Form. Be sure
to make 2 copies of the Finance Summary Form, one for your files, one
for the tenant/buyer. If you don't have carbon paper, write it twice,
make sure all parties sign both copies. Tell the tenant/buyer you will
call them once the credit check is complete, (and if a co-operative,
approval of the owner).
The deposit is non-refundable, unless they are rejected by the owner. If
they say anything about the deposit being non-refundable, tell them that
by your taking the property off the market you are losing other
potential tenant/buyers' for the property.
Once the tenant/buyers credit check, landlord information and job
information check out, call the owner and tell them, e.g., Bob, you're
done! We have found a great tenant/buyer for your house". We act like it
is a foregone conclusion that the seller approves of our decision. We
tell the seller to please sign the addendum we will send (if one is
needed) and to return it to us immediately, so we can set up a meeting
with the tenant/buyer to close the deal and collect the checks. Note: If
the addendum is not returned before the meeting with the tenant/buyer we
mail it out separately for both the seller and tenant/buyer to add to
their contract. Remember, the addendum is just usually date changes to
the original contract, which the seller and you have already signed. You
are just making additions or deletions to the original contract.
Copyright DeFiore Enterprises 2003
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About the Author
Interested in having your own successful, home based creative real estate investing business? Chuck and Sue have been helping folks start successful home based businesses for over 19 years, and we can help you too! To see how, visit www.homebusinesssolutions.com for the latest FREE tips and tricks, educational products and coaching in creative real estate investing and home based businesses. No time to
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Articles by Chuck and Sue DeFiore
 Managing Cash Flow 
Juggling The Day With A Deal
Various Aspects Of The Lease Purchase Business
Does Your Business Need An Attitude Adjustment?
Ethics in Business..A Lost Art
Referrals…The Secret Weapon
How To Give Yourself A $20,000/Year Raise
A Forgotten Marketing Tool - The Postcard
Using Those Business Cards
Is Your Business Safe?
Getting Started In Real Estate
Take It To The Customer
The Art Of Calling on Real Estate
Finding and Qualifying The Tenant/Buyer
Checklists for Tenant/Buyers and Sellers
The Lease Purchase Business Day
Warming Up to Cold Calls
Businesses - Leisurely Dining Or Fast Food?
How Do I Implement The Lease Purchase Plan
Guidelines For Choosing A Guru, Coach...
Are You A Shoulda, Coulda, Woulda?
Are You Profiting From O.P.P.?
The Many Ways To Profit From O.P.P....
How Do You Profit From O.P.P.?
Consulting Your Way To A Six Figure Income!
Business Partners & Marital Partners (Part I)
Business Partners & Marital Partners (Part II)
The "Psyche" of The Seller and The Tenant Buyer
The Divine Secrets Of The Ya Ya Lease Purchase Hood
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