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Lease-to-Buy |
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We would like to sell our house to a family that wants to do a one year lease-to-buy contract. Can you offer any advice on the lowest-risk way for us to do this?
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Run a credit check on those buyers, to judge whether they'd be financially able to go through with the purchase at the end of the year and for that matter, whether they're likely to pay their rent on time meanwhile. Involve your own real estate lawyer in drawing up the contract, so that your interests are protected. One plus -- people who move in like that as tenants often regard the place as their own and take good care of it. One minus -- people who want that kind of a deal are usually not qualified financially to get a regular bank mortgage and they may leave you with a problem on your hands.
Get professional help. |
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Edith
Originally published on May 1, 2008 |
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