Agreement Of Sale VS Lease Option
Hello All,
I am trying to sell via rent to own.
I have the option agreement and the separate rental contract.
In my last post on this site
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Many good pro's and cons came up with regards to equitable interest (for non refundable deposit) and recording the option. Both of theese I do not want to happen when I am the seller.
WHY cann't I use an agreement of sale with a closing date 1 year from Now? It is standard for the contract not to be recordable. A non refundable deposit also often happens.
so
Why rent to own with a lease agreement and an option agreement?
Instead of a lease agreement and an agreement of sale?
Keep in mind I am the SELLER.
Thanks Again
Matt_PA
you need a lease agreement
you need option to purchase agreement
addendas
and all must be well written and in your favor...
recordable by you and not buyer/tenant
amongst a few other catch phrases and clauses....
You just need good contracts...
reason being...
equitable interest......
your protection!