Renting To Own: Is it a good idea?
Posted by Phil Boren on Wednesday, September 23rd, 2009 at 2:32pm.With the relatively slow pace of sales in the market today, some sellers may be tempted to explore the possibility of having a buyer/tenant "rent-to-own". While this arrangement can work out for both parties, it can also lead to some unforseen legal issues that may force the parties into litigation instead of a closing.
Without getting too technical about the possible issues involved, suffice it to say that this type of transaction should involve some legal advice - particularly for the seller/landlord - and should not be entered into lightly. In the vast majority of cases, it has been our experience that a straight deal - either a lease or a sale - will serve both parties well. In the rare instance when a lease/purchase is appropriate, it would be wise to seek the advice of counsel. Contact us if you have any questions.
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Phil Boren
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Email: pboren@remax.net
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