Rent to own

[Chrisandrew1012]

What is the name of your state? VT but looking to buy in NY

Can an investor sell us a home with no lawyer?
We're looking at buying a home in XXXXXXX NY as like a rent to own deal. The guy is an investor XXXXXXXXXXX an he has offered us this deal of 3000 down an 800 a month an there's some work that he's having done for us, putting up the costs for labor an materials an we're going to pay that back at 800 a month till all monies payed back. He sent us a 1 page contract stating how much for the deal, how much a month. My question is is that a good enough contract until the work is done etc without using a lawyer or anything? Ty for your help on this. Oh we did look up his company an him an seems to be legit but I worry about like titl

 

[Just Blue]

Your post has been reported because you put someones name in it. The Mod will remove all identifying info and return it to the thread.

 

[HRZ]

Rent to own deals are often far more complex and risky for buyers than meet the eye, and details vary greatly by state ...rest assured that one page contract is NOT designed to protect you. I think it's a must that you have a paid skilled real estate lawyer in that county advise you on that contract and the complete deed and recent history of that property ...look at it as insurance to sleep better at night .

 

[PayrollHRGuy]

It is probably a good enough contract for the "investor" to take your money and end up screwing you.

 

[Just Blue]

Chris even a contract for deed is going to have 4 pages to it if its kept simpler. AS to rent to own , heres what I think, some landlords offer rent to own contracts but nothing is ever recorded SO if the buyer has problems and defaults there it all goes down the drain, If the seller truly doesn't own it free and clear that's nightmare 2, 3 what is to stop a seller from screwing up and ending up with a judgment or lien against that property your paying on? 4 there are some who do rent to own and when the furnace breaks they will find a way to get out of paying for it OR say a big one has to be done, like new main water line or sewer line replacement. If you can swing it a recorded contract for deed would protect you and your attorney can arrange for a title search and help make sure that your interest are looked after.

May I ask why you are posting to an old thread?

 

[FarmerJ]

When one works over nights some times one is so tired when they get home in the morning they may not notice certain things such as the may date SO I deleted it ( so happy I start PPL for two weeks when my shift ends in the morning.

 

[LdiJ]

What is the name of your state? VT but looking to buy in NY

Can an investor sell us a home with no lawyer?
We're looking at buying a home in XXXXXXX NY as like a rent to own deal. The guy is an investor XXXXXXXXXXX an he has offered us this deal of 3000 down an 800 a month an there's some work that he's having done for us, putting up the costs for labor an materials an we're going to pay that back at 800 a month till all monies payed back. He sent us a 1 page contract stating how much for the deal, how much a month. My question is is that a good enough contract until the work is done etc without using a lawyer or anything? Ty for your help on this. Oh we did look up his company an him an seems to be legit but I worry about like titl

No, its not good enough to truly protect your interest. You cannot properly protect your interests unless you go through a proper closing.

 

[quincy]

Please look at the date of posting (and previous posts pointing out that the thread is old/older). This thread is from May.

That said, the post you deleted was a good one, FarmerJ.