Hi there,
after reading all that bashing and all that... the real answer comes from Heidi!! yup, the C/O is the Certificate of Occupancy and it's done or given after the FINAL inspection not from a home inspector BUT from the county offcials. Funny, b/c if you have been living in the house... you would not have utilities since (at least here in Columbia) would not be turned on until you have a C.O. ... you can have temporaty utilities but not a meter so... my guess is that somebody has to have one someplace. If you have an agent, get them to find it for you or if you have a lawyer looking at your paperwork, get them to find it.. it's not that hard to find or get it, really ;-) obviously you are living in the house, aren't you?

Good luck,

Celia M Means
Broker
M&M Real Estate
celia@mandmllc.com

Nicely written comment HHI........................................................

Ms. Ferrell....

You are definitely entitled to your opinion. Using the duck metaphor....Does that mean that since I see Realtor ads EVERYDAY that violate the Code of Ethics that your whole Industry is crooked? Since those ads are basically deceiving the public, then does that mean that every Realtor is unethical.......I would think not. And....let's just hope that all those people out there who lease a car from the dealership and then don't buy it at the end of the lease don't start a revolt by claiming that they got swindled by the Automakers of America! GM and Ford have enough problems as it is. :-)

"You are obviously dealing with different cliente"..............
And, just as an aside, I work on Lease-to-Own deals all over the country, so I am very well versed on high priced homes in the Bay Area of California as well as starter homes in Cape Coral, FL.

Isn't it an Agent's duty, responsiblity, and job to present and offer all possible solutions to clients when trying to sell or buy a house? So when you say that......."And yes, its true, most seasoned agents I know avoid rent to own. Not many people like to enter a "contract" and wait many months (or a year) to get paid. How many professions you know do that?".....It would seem to me that these Agents may be putting THEIR needs ahead of their client. Maybe these type Agents ought to seek to gain the education and knowledge necessary to provide other ways of buying or selling a home that way they could increase their client base and referrals. Just a thought.

And......I guess that the National Association of Realtors must just be trying to score a few bucks by offering Lease-to-Own books on their website, https://www.realtor.org/prodser.nsf/products/141-193?OpenDocument ,or that they just offered a webinar by my friend Wendy Patton (Broker for Keller Wiliams) which dealt with Lease Options. I would HATE TO THINK that the NAR is offering something that is so clearly "a scam perpertrated on unsuspecting individuals". This is what Wendy said of the August 27th webinar on her website:

"This webinar was announced by Robert Freedman, Senior Editor of Realtor Magazine in his blog. Surprisingly, there have been some real estate agent naysayers posting close-minded, negative comments about lease options. Most, if not all, of the negative comments come from agents who have no experience with lease options. They just talk about how risky they are or voice concerns as an excuse to not help their clients." Wendy continued to say that, "I’ve been doing lease option training for a long time now and I like helping as many people as I can. My concern is that other agents who might be interested in learning about lease options and growing their real estate career will be put off by naysayers who have no experience."

"They are a workable solution in these difficult real estate times. They can help home sellers when their home isn’t selling by conventional methods (don’t you hate investing all of that time and effort in a sale and then lose out?). They can help home buyers who can’t currently qualify for a mortgage (don’t you hate turning away those buyer leads?). And they can help Realtors earn more commissions because you can get your full commission on a lease option or rent to own deal. That’s much better than turning away a buyer lead or losing a seller."

It's a shame that many Realtors think Lease Options are "illegal" or in some way pose a threat to humanity. It seems to me that my South Carolina licensed Real Estate Attorney that assisted me with my contracts must have forgotten to tell me that what we were doing was against the law and that the "Real Estate Police" would be right on my heels. If Realtors would educate themelves and offer these services to potential clients and investors, maybe....just maybe....they could grow their business.

But then again, the more and more Agents complain about Lease Options.....the more people that keep coming to me asking for my help. Maybe i'll even start looking for buyers and sellers in Columbia, SC. :-)

Darin
Lease-to-Own Professional and Independent Consultant

If it walks like a duck and quacks like a duck....where I come from...we call it a duck. No matter how you slice it, the rent to own process, in many peoples opinion, is a scam perpertrated on unsuspecting individuals. Some owners enter "contracts" knowing the buyer will never mend their credit or save enough to actually buy the home. After the renter realizes she/hes been scammed its too late. Then they run to a Realtor and try to do the process correctly. Dont confuse rent to own with early occupancy. Early occupancy by one- three months actually works. In Hilton Head the income level is much higher than in most parts of Columbia. You are obviously dealing with different clientel. Im glad it works for you. And yes, its true, most seasoned agents I know avoid rent to own. Not many people like to enter a "contract" and wait many months (or a year) to get paid. How many professions you know do that? Can you imagine, you get your nails done January 2008 and pay your manicurist June 2009?! You are also right when you say most agents avoid this "arrangement". I am working with two clients who were victims of rent to own and now want to do it the legal way. Too bad they lost precious time and money. Experience is a good teacher.
Good luck Slafterman...find a free legal clinic and try to get yourself out of this situation. Email me and let me know how things worked out.

Roslyn Ferrell
rferrell@cbunited.com

In response to Ms. Roslyn Ferrell's statement:

...."stay out of "rent to own" type deals. They are like mirages.....looks nice, but when you get close you realize theres nothing there."...........Maybe in HER experiences or the Lease-to-Own deals she has put together, they have not worked out. But to call them "mirages" is a bit extreme. That would be veryyyyyyyyyyy unfortunate, especially for me, because she is basically saying that all my contracts, website, my LLC, my Federal and State tax return, training and seminars, phone bills, the ga-zillion emails I've sent & received, knowledge, mentors, and associates don't exist. Boy.....and to wonder what i've been doing over the last few years? :-)

The reason many Agents bash Lease-to-Own deals is because they have not done them (they just "hear" of horror stories from "other" people or the web), they don't have the knowledge to put them together correctly (so they stay away from them), or they feel they would "prefer" to get their commission upfront instead of waiting till the tenant/buyer exercises his/her option (if they even do).

I've often thought about going around and speaking to Agents and Real Estate Brokerages about the possible benefits of Lease-to-Own deals. I even have a PowerPoint presentation ready to use if I was to attempt it. But in the long run, I'd probably be beating my head against the wall, as I have done with the few Agents I've already contacted in my area. I think I'll leave it to my friends, such as National Speaker Wendy Patton, of Keller Williams, and all those other Lease Purchase Professionals out there.

Basically, it boils down to this:
~Educate yourself on what is required of a Lease Purchase and whether you're situation would benefit because of one. They are not for everyone but it can be a great way for some to purchase a home. Weigh the Pro's and Con's out on 2 pieces of paper then make a decision.
~Use the correct paperwork when putting it together.
~Make sure ALL the points are written down and understood PRIOR TO the beginning of the lease.
~Use KNOWLEDGEABLE professionals that are familar with the process to put it together with you.
~Work with a Lender or Credit Repair Specialist so that your ability to acquire traditional financing in the future is a solid possibility.

Best Wishes,

Darin
Lease-to-Own Professional and Independent Consultant
~Not a Real Estate Agent~

Sorry this has happened to you. You need an attorney ASAP. If there is any good to come from your bad situation, maybe it will save someone elese from experiencing the same situation.

My best advice....I know it wont help you now but.........stay out of "rent to own" type deals. They are like mirages.....looks nice, but when you get close you realize theres nothing there.

In your case read your lease. Perhaps have an atty/paralegal look it over for you. They may be able to help.

Best wishes.


Roslyn Ferrell
Coldwell Banker United, Realtors
803-513-7222

Hey there Slafterman....

Without knowing the full details involved here.........If i'm understanding your situation correctly, you said that you "verbally" have an option to purchase but I'm a little unsure what you mean by C/o(everyone's abbreviations are a little different)? And when you mention that the house has no final inspection, I'm going to have to assume that you mean you're getting the house "as-is".

This is one of the things I stress when putting together the Lease-to-Own paperwork, PRIOR TO all these issues coming up. ALL items should be clearly laid out upfront, agreed to, and written onto a lease agreement and an option to purchase agreement. A "verbal" option is just about as good as a wet Bounty paper towel. And normally, unless otherwise agreed to, most Lease-to-Own deals involve the house being purchased at the end of the lease in a "as-is" state. If you had any issues, those should have probably been adressed prior to the beginning of your lease on your 'walkthrough".

Unless you can put something down on paper with your Landlord/Seller, you're in a sticky situation and don't have too much to stand on. The Landlord/Seller does not have to sell to you nor does he have to reimburse you for your home improvements. Hopefully he/she is an upstanding person and the two of you can work something out without getting into a nasty battle. Also, I'm REALLY hoping that you paid your lease payments with a check, direct deposit or something similar that leaves a papertrail (NOT CASH) so the lender can look and see that you've been making on-time payments for 8 months.

My advice, for what it's worth, is to get an Attorney who is KNOWLEDGEABLE with Lease-to-Own deals or a Lease-to-Own Consultant, and have him/her give you some paperwork to take to your Landlord/Seller to sign. Hopefully the Landlord/Seller will agree to whatever the two of you "verbally" said at the beginning of the lease.

I really hope things work out for you and if you have ANY other questions, post them here or shoot me an email.

Best Wishes,

Darin

Dear Home Buyer! A Real Estate professional is definitely needed to guide consumers through these types of situations. The home owner/Seller would need to provide a Certificate of Occupancy which should include a final inspection also, before the home could be sold. With Buyer Representation you would be able to negotiate an offer, terms, etc. through a written agreement, in the Contract for Sale. Keller-Williams has a brand new office in Anderson with experienced Agents in these types of transactions and are more than glad to help you with your real estate needs. Verbal agreements are not binding in the South Carolina Law of Real Estate. Please contact me at your earliest convenience at 864-979-3885, or you can email me at heidinicholson@kw.com and I will personally see that you get the best representation possible. I look forward to hearing from you soon!

Sincerely,
Heidi
Heidi Nicholson Sipe
Keller-Williams Realty
864-979-3885 cell
heidinicholson@kw.com