Lease to own contract is a popular type of deal or contract between the buyers and the sellers of the property. Many people today are using this contract as it is favorable for both the parties. If you are about to step into such a contract or you believe you will need to write it down sometime in future, this article can be a good guide for you. In this article, I have discussed the way you can write this contract, taking into consideration the legal issues attached to it.
Signing this contract makes you like a mortgage holder. Therefore, before you decide to enter into this, make sure that you have thought enough over your decision. It is not any simple rental agreement; it has great importance and may also include some risks for both the involved parties.
Make sure that you mention everything in the contract. When writing the contract keep in mind that it is a contract, nothing informal. Thus, it is better to use the right terminology for different things such as tenant and landlord, instead of buyer and seller.
An especially designed document has to be used for this purpose; otherwise it can lead to legal issues in the future. It would be a good idea to take the assistance of a professional lawyer when writing the contract.
The contract should also mention as to who will pay for the taxes, insurance and utilities. Copies of all the payments should be recorded.
Make sure that you add all these points, along with some other important issues that your lawyers may mention to you.