Congratulations. I probably have handled more rent to own (lease-purchase) transactions in our offices of 45 agents than anyone else. In my experience, successful completion of a this kind of transactions depends upon thorough communication among all parties involved: you as the buyer and your agent if you have one, the seller, the seller's agent if there is one, the brokers who supervise the buyer and seller agents, and the lender who will eventually support your purchase. If the communications are incomplete before you get an attorney involved, you can spend a lot of money on the attorney getting everyone onto the same page. You might be interested in my article here http://db.tt/ejkqY2YL
entitled Understanding the Lease Purchase. It is written from the perspective of buyer and seller as a tool to start the communication process off smoothly. Where things can get derailed is when any one of the above parties says, Why am I doing this? Better to get all parties fully into the tent at the outset.
Note that a key recommendation of my article is to have a lender involved at the start even if you do not qualify for a mortgage today. I have seen deals blow up after a few years because the lender came to the party late and then rejected the lease-purchase agreement that was put in place earlier. You will want a loan originator who will go the distance with you and who is working for a financial institution that has a square-away back office.
I have developed a process flow and set of additional tools to enable smooth communications among the parties that will help streamline the contributions that an attorney needs to make to put together your transaction. Glad to share details with you or your agent. As far as working with an attorney, you want someone who has been there and has a common sense approach to the law. I will be glad to share attorney contacts with you as well. While these folks may be located north of Concord, they are accessible and responsive.
Chuck Braxton, REALTOR GRI