RentToOwn-HouseFinder.com
Need some lease to own help on a house?
ok, so me and my husband rent a house from his friend/boss. he was going to sell the house to us for the remaining balance of $70,000. but now we are thinking of a lease to own. where we still just pay him the $665 a month and it just goes towards the amount of the house, we can pretty much fix, or redecorate how we want, and if we decide to move earlier than expected. no fees or anything just lose out on the money we paid. but the question is how to we start doing that, as in the paperwork and putting it all in writing and such?
Public Comments
- Lawyer. Period. Any other advice on rent to own is leaving every one open to a disaster.
- In your case, I agree with wizjp. You should involve a lawyer. Just make sure that it's a lawyer with actual experience doing lease-options. Many don't. Good luck.
- I agree with the first poster you need an attorney. For such a big purchase or possible purchase you want to make sure the paperwork is done properly for the state you live in. Contact a Real Estate Attorney.
- First, don't expect the entire $665 to go towards the lease to own. remember, the owner still has to pay the mortgage on the property and if the entire rent went to escrow, he would have no income coming from the house to put toward the mortgage. Expect to pay say $150 to $200 more in rent with say $350 to $400 going toward into the escrow account. For paperwork, do a search for "lease to own agreement" but I would suggest getting a two-hour consultation with a real estate attorney and having him/her draw up the papers.
- You can't have it both ways. A lease to own obligates you to purchase at a predetermined time and price. A lease with the option to purchase does not obligate you to purchase. You may be able to find generic forms at an office supply store or you could google for the forms. However you will probably find those online forms are copyrighted and you can use them. You should talk to an attorney. realtor.sailor
