Profile picture for patrickabrown

can u rent to own?

  • Question refers to 1311 N Joplin St, Pittsburg, KS 66762
  • March 03 2010
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Answers (1)

Profile picture for timkundiger

Hello Patrick, 

   You can Rent-to-Own however I would advise against doing this because you are not protected in anyway.  If the owner should decide to sell you could lose everything you've been working towards.  However, if the seller or landlord still has a mortgage on the property, Rent-to-Own or a Lease with the option to purchase might be your only choice since the lenders Due On Sale clause would prevent the property from being technically sold.

   If the seller does not have a mortgage on the property then you should do what is called a Contract for Deed.  This is when you actually have a closing where contracts and deeds are signed an held either at the closing company, a lawyer's office, or even a bank until the debt is either paid off or you default at which time you would loose everything and the property would go back to the seller. 

   This is the best option for you since you are protected from the seller selling the property out from under you.  Technically the property would now be in your name, you would be responsible for paying taxes and the day to day maintenance on the property.  The seller would have no rights to the property unless you default on your payments.

   Hope this helps,  Tim

  • August 25 2010
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