Re: problems of lease to own - Landlord Forum thread 215220

Re: problems of lease to own by Anonymous on January 11, 2011 @16:50

I have read other versions of this type of contract. The LL leases the property for say, two years. If the tenants make their payments 100% on time for two years they then have the option to buy the house at whatever price is established by both parties. During this two years the title and deed to the house stay in the LL's name. The tenants must also put up a substantial fee up front like a SD. It is up to the tenants to qualify and obtain financing at the end of the 2 years. IMO it is better to keep the two issues (rent vs buy) seperate as it can get messy with such a contract. I have spoken to prospective tenants who try to confuse the issue and give the impression they have more money or credit than in reality by telling me they want to buy the house under such a contract. Are you renting the house (yes) or selling it (no). If you are selling it don't list it as for rent, list it for sale and deal with prospects as buyers

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