Re: problems of lease to own - Landlord Forum thread 215208

Re: problems of lease to own by Bryan (Ia) on January 11, 2011 @15:57

Lease to own, rent to own, selling on contract....as far as I know these are all the same animal. You act as the bank. You give up title and only have a lien on the property. In the event of default you have to foreclose. You current mortgage, if any, would normally come due in full upon the xfer of the deed. That is off the top of my head and may not be fully correct.

There is a form available to LPA members that is lease with a purchase option. It is a standard lease with a purchase option clause that must be executed by a certain date to be effective or that option expires. The T is responsible for securing their own financing.

[ Reply ] [ Return to forum ]