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Rent to Own
I have a couple living in a moblehome on five acres and they are paying it as a rent to own. The last year and half their payments very late, now they are two months late. I have given them the five days notice required by law, they now wish to sell and keep their equity. I contend they have broken our agreement by not keeping up with the payments. The agreement was drawn up by both parties.
Rick T, MO on Monday, February 22, 2010
Ref: RE: Rent to Own
What does your agreement state? Unless it states they can not sell it until they own it and the lease has not expired, you may not be able to stop them from selling. Also keep in mind that unless your agreement prevents them, they could rent the property to another individual. The lease should have state that the Rent to Own is null and void if all the terms of the agreement are not met. Continue with the Pay or Quit. Check your State/Local laws and consider contacting a RE lawyer. Keep us updated.
Posted by Stan M, CA on Monday, February 22, 2010
See more Missouri Rental Agreement resources
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