I do not know anything about how to do this and where would I get a lease the paper work etc?
3 thoughts on “How do I do a lease/option to buy vs renting my house out?”
Leave a Reply
You must be logged in to post a comment.
I do not know anything about how to do this and where would I get a lease the paper work etc?
You must be logged in to post a comment.
You do not want to do a lease option on your own. It is a completely different ball game than a standard rental. It is best to contact a real estate agent to handle this for you. These things can get very complicated & you could really get screwed if you do it wrong.
You would really do yourself a huge favor and visit a real estate attorney to draw up the agreement for you.
You need to find out if Lease options are even legal where you live. You also need to keep the Lease agreement and Purchase agreement separate.
You also need to educate yourself on how much option money you should ask for, if you are going to offer rent credit, how long a term you want to give a potential buyer, and your tax implications.
Check out this websites discussion forums. They have a section for Lease Options etc. You may be able to get some great feedback there from those who are doing it!
http://www.naked-investor.com/forums/index.php?s=483029eacbe84b2fe941dabee219b9a7&showforum=3
If you are the seller, I believe this is the type of agreement you are looking for: http://www.leasepurchasemadeeasy.com
I would still have an attorney that specializes in real estate (in the county where the property is located) review the forms.