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Phong, Other/Just Looking in 76131

What is the process for putting a home for lease to own?

Asked by Phong, 76131 Thu Apr 23, 2009

I'd like to know what are the paper work and process to put my home to lease to own. I already have the buyer, but I am not sure how much to calculate rent amount and terms. I'd like to do this by myself without the need of an agent or middle man.

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Phong,
You may be talking about Lease option or where you take money up front then lease the home for a certain amount with some going toward the purchase and the purchase happening at a certain time with the money up front and some of the lease money going toward the purchase.
We as Realtors,in Texas, are not even allowed to handle these with out an attorney so I would not do so myself.
As far as the lease monies, later when the person that leases goes to purchase only the amount that the lender considers over and above a normal lease amount will be allowed to go toward the purchase regardless of what the two of you agree upon. And any amount taken up front is what can get you in trouble with out the benefit of an attorney. You both need one .
Real Estate Attorneys are not really that expensive , that is until the mistake has already been make.
Your investment in property is not a place where you want to count the pennies and lose dollars later.
Good Luck
Margaret
0 votes Thank Flag Link Thu Apr 23, 2009
Phong,

You really need to speak to a board certified real estate attorney to do this in Texas. The legislature here has esentially outlawed this. It is not illegal per se, but the laws enacted make it extremely difficult for the seller to comply. If you don't comply, you can potentially loose the house to the buyer AND be liable for additional charges including their attorney fees.

Most of the good attorneys I know say don't do it. Most of the good brokers I know would never let their agents work these transactions. You'll always find people who want to try to work around the system, but it just depends if you are willing to risk loosing 100% of your investment and more if you do it incorrectly....with even just a very minor mistake.

If you are asking questions about how to calculate the rent, then I would stay away from these transactions.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Thu Apr 23, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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GREAT QUESTION:

However you need to review the State of Texas laws when selling a Fort Worth home. All sellers must comply by statues if not you could get sued.

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0 votes Thank Flag Link Thu Apr 23, 2009
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