Landlord Question and Answer Forum

My question is from Arkansas.....the tenents had first moved in and wanted to purchase property however advised of bad credit.....we did a lease with option to buy....and in 1/09 an owner financing agreement was drawn up with 8/5% interest and it contain severl previously discussed and agreed upon guidelines.......which tenents are aware were in breach of the contract......what we need to do is go back to a rental agreement at the original rate which was higher than the owner finance rate.......what form should be used and if possible can i legally rate that rate from $650 to $700 or somewhere in between and how much notice is required from me legally. Their payments are due by the 15th of each month. (they paid timely and that was not our breach issue)......the want to stay and i don't mind them staying as he is full time welder and never had moneys more than 2 days late.....thanks so much bkosborn@gmail.com ARKANSAS any suggestons greatly appreciated\thanks \

I would re-do a lease and have the tenants sign it. Perhaps add a clause that "This Residential Lease Agreement takes the place off any other Residential Lease Agreement that was entered into prior to this one.

Posted by Donna , NC on Tuesday, May 25, 2010