I want to do a lease to purchase on my home. Do I need a lawyer to draw up this contract? If not who do I go

Asked by Tosha Pittman, Lithonia, GA Tue Oct 7, 2008

to make sure that I am covered?

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paulbradbury8, Home Seller, Lithonia, GA
Sun Nov 23, 2014
We have a direct genuine provider for BG/ SBLC specifically for lease, at leasing price of 6+2 of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

All inquires to should include the following below:

Complete contact information:
What exactly do you need?
How long do you need it for?
Are you a principal borrower or a broker?
cONTACT ; paulbradbury8@hotmail.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Oct 7, 2008
if you are going to do a lease purchase you really need a professional whether it be a lawyer or a realtor who is experienced in lease purchase, as not everyone is. You need to decide how long you will give the buyer to close, how much the rent will be and what price you will sell it for. Make sur ethe buyer is prequalified, know why they cant buy it right now and what they need to do to buy it in say a year or 2 years max, if they are unqualified from the start dont waste your time andmoney on dreams. Next make sure they are even qualified fo rthat sales price, can they afford the mortgage company on that price. Most times you will add an amount onto the price to give them back say 3% in closing costs if they purchase. then you need to decide how much you will credit them from the rent they pay, if they dont buy, they get nothing back, make sure it states this. you should alos collect a deposit on the home, your best casse is a non refundable deposit, but in this market you may not get that. good luck with your sale
Web Reference:  http://www.ScottSellsNH.com
0 votes
Eric Reid, Agent, Duluth, GA
Tue Oct 7, 2008
Don't do it just Don't do it... Lease or Sell the home If you asked 10 agents how many lease purchase ahve they seen go all the way to close you be hard pressed to find 1 that they have. I could give you a dozen reason it dies a slow and painful death.
Give the rent the 1st option to purchase when and if you decied to sell the home
0 votes
Lee Adkins, Agent, Roswell, GA
Tue Oct 7, 2008
A Realtor or a Real Estate attorney can do it for you. There are about a billion ways to structure these deals and if there is any down payment/earnest money or monthly payments applied to purchase, you will want to be sure all is accounted for properly.

Think pessimistically when writing it up - What happens is they decide not to buy at the end of the lease? What happens if they cause damage and then say the home is not in condition to purchase? If things go according to plan, you probably won't need all the legal stuff, but if anything funny happens, you need to have it written and agreed upon by all parties at the inset.

Most real estate brokerages will have "in house" attorneys these days and using a Realtor may get you the benefit of the Realtors experience coupled with that of a real estate attorney.

Additionally, in Georgia, we have separate lease contract for a lease purchase vs. a standard "termed" lease. You will probably want to do a walk through/move in inspection, and all sorts of other "little" things that a professional can provide you with or advise you on.

Obviously, no one works for free so you should discuss any fees with either of these parties in advance of engaging anyone. Often a Realtor may get one month's rent for a lease and then a percentage of purchase price when it closes. If you have been able to procure a buyer on your own, you may be able to find someone to offer you a slightly lower rate.

Best of luck to you!! Feel free to contact me if you have additional questions.

Web Reference:  http://www.leeadkins.net
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Tue Oct 7, 2008
An experienced real estate agent.broker can easily handle the details. Find someone local and qualified. Most leases that agents use are approved bt the bar and/or Realtor® association.

To answer your question; If you are not planning on using the services of a REALTOR®- It is adviseable that you engage an attorney.
0 votes
Carol Cei, Agent, Maple Glen, PA
Tue Oct 7, 2008
Hello, Tosha,

If you are represented in this transaction by a Realtor, and the prospective tenant is also, then you both can have representation by the realtors, as in a traditional sale transaction.

If there are no realtors involved, I strongly suggest getting legal advice in preparing this document as it represents a legal transaction. I hope that this helps you.
0 votes
Shannon Marc…, , Braselton, GA
Tue Oct 7, 2008
A Realtor in your area would be a good place to go. They can list the property for sale with Lease/Purchase as an option for financing. It would be a good idea to find a brokerage that handles property management as well. They have access to people that are looking to lease, they could help you find a good candidate for a lease purchase.
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