Landlord Question and Answer Forum
We're about to rent but received a compelling lease-to-own offer. We have a quick turnaround time to respond, but need to understand how this arrangement typically works, what legalities are involved, and if there is someone in the Portland, OR area who would be able to make the legal arrangements.
Thank you!
TandN E, OR on Tuesday, March 1, 2011
RE: Lease to Own
Typically, the way it works is the tenant has the option to purchase the rental property for a certain price, within a certain time frame (usually the term of the lease agreement). There are pros and cons for the landlord, the biggest drawback being the lack of control over when or if the property sells. In most cases there's very little in the way of legal arrangements up front, you just need a lease-option agreement. If the tenant goes to execute their option, then you'll need a contract of sale, etc.
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