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My renters in SC are interested in Rent to Own.

My renters in SC are interested in Rent to Own.  Do I need an agent?  How does this work?  Thanks!
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April 05 2011 - North Charleston
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Answers (3)

Profile picture for wetdawgs
I would work with a lawyer.   Two features that are common:  a non-refundable down payment (of several percent) and the only amount that is credited towards purchase is the amount above fair market rent (also non-refundable).    The renters may not be so enthusiastic with those terms, but other terms may be ripping you off.
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April 07 2011
Profile picture for the_country_hick
If you look at the link below backwards it may be helpful. Also, if you look at the profile of the one who posted it you may find helpful info in their Q&A there also.

"How You Can Find and Buy a Lease-Option/Rent-to-Own Property"





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April 07 2011
Hi Landlord1968,
Technically you do not need an agent for a Rent to Own Agreement. Strategically however, is another story.

You could write a very simple RTO agreement stating your terms, their terms, add the legal requirements and stipulations, get the acknowledgments you need and you're done. Be sure you consider as many possible downsides as you can and write in your available contingency plans.

Strategically this may not make sense. You already have liability as a landlord. Why increase your exposure when it is unnecessary? Utilizing a broker to do the write up and negotiation will allow you to spread your risk among more players.

As licensed professionals, brokers are bound by certain fiduciary responsibilities and accompanying liabilities that if you perform on your own, you absorb completely.

Be aware that holding property in an LLC (as many do) will not always protect you if you act outside the scope of your expertise and qualifications. Tread carefully, your future is at stake. Good luck!
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April 07 2011
 
Related Questions
My renters in SC are interested in Rent to Own.
Profile picture for wetdawgs
Latest answer by wetdawgs
April 07 2011 | 3 answers
  • Asked by Landlord1968
  • In Landlords
  • April 05 2011
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