Rent to Own

[moe15]

What is the name of your state?NY

Anyone know where I can find a sample or a form for a rent to own agreement online?

 

[HomeGuru]

What is the name of your state?NY

Anyone know where I can find a sample or a form for a rent to own agreement online?

**A: be careful since you should use a state specific form. One form for Alabama may be be applicable in NY. It is better to have an attorney draft one.

 

[moe15]

I know

I would rather my mother use one too!

She is not going to use one, and she was just going to draft one up herself, but I know her...and that scares me.

It is between family, and basically my great grandmother is 100 years old. They cannot sell the house now because she is still alive, and there is too much work needed on it, including foundation leveling.
What they want to do is pay $18000.00 for the home by paying $300/month while fixing it at the same time. They have no other fees to pay the owner, so it is not a complicated agreement.

I just have never seen a rent to own agreement and would like to make sure she is at least covering all of her basis.
Thanks

 

[john123456]

Here are some sample contracts.

http://www.honestmortgage.net/Free_Real_Estate_Forms.htm#leaseoptions

Scroll down the page and look under "Lease Options"

 

[HomeGuru]

That's a start.

 

[moe15]

Re

BINDING EFFECT: This Option and the agreements contained herein shall be binding upon inure to the benefit of heirs, executors, administrators, successors and assigns of the respective parties.

Q: Does that mean that when my great grandmother dies, that the family, executer has to abide by this agreement?

 

[HomeGuru]

BINDING EFFECT: This Option and the agreements contained herein shall be binding upon inure to the benefit of heirs, executors, administrators, successors and assigns of the respective parties.

Q: Does that mean that when my great grandmother dies, that the family, executer has to abide by this agreement?

**A: no, it really means that if either party dies, the lease option is still enforceable among the heirs etc.