Clients are starting to ask about Rent-to-own options or "lease with the option to purchase" Form Number?
1,110Addtional Details:
- If a client is requesting Rent to own options, typically this means the client may be facing some challenging issue with purchasing or obtaining approval, however, those of us who have been around, with the old TAR forms this was an option however, has anyone else experienced this lately. Just curious? - Jan 09, 2021
9 answer(s)
About 3 years ago
Home Partners of America is available in certain areas. Home Partners purchases the home that the buyer picks if the home qualifies with the program and then the buyer will rent for up to 5 years with the rent getting higher each year. The buyer can purchase it after each year from Home Partners or decide that the house is not what they want. If the buyer does decide to not purchase the home the buyer can not do the program again with Home Partners.
Like (2)
DislikeAbout 3 years ago
We don't do that in the traditional rent to own here. Have your clients rent for a year and if they like it they can buy outright when ready. It's not beneficial for a seller to put themselves in this position. If your tenants decide to make arrangements to purchase down the road, you can do negotiations that reflect payment on a purchase.
About 3 years ago
There are no rent-to-own forms. I would advice my client to speak with a real estate attorney.
About 3 years ago
Agree. Advise your clients to Consult with a Real Estate Attorney familiar with these situations to get advice and have the paperwork drawn up. It isn’t too costly going via an Attorney familiar with this scenario as situation not as uncommon as we tend to think.
About 3 years ago
Agreeing with all the others, this is not something we can do as agents, they need an attorney, but take a look at www.homepartners.com....they do this and we've had one close in our brokerage. Good ootion and you do get your commission.
About 3 years ago
There isn’t a rent to own form or lease with the option to purchase form except for the Residential Lease Application Form. I wouldn’t get involved in this scenario. If your clients still want to go ahead with the rent to own transaction, advise them to consult a real estate attorney..
About 3 years ago
There is no form for that. An attorney must draw up any lease to own option purchases.
#1 Awarded – Best AnswerAbout 3 years ago
No rent to own form. We owner finance, look up seller finance form... ask a broker for help on filling this form. You don’t want to mess it up. You should also know that most sellers will not want this option so maybe 1-2% of the inventory available would be available for this type of purchase.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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