Before looking for tenants of your rent to own property, make sure that everything is planned out by being ready with the rent to own contract or agreement.
Contracts can be very technical, so, it is advisable to seek assistance from a legal counsel or a lawyer. This will also serve as your protection and your property so as not to be taken advantage of.
If you have no background in law or public administration that can at least help you make a draft of your rent to own house, you should try buying a standard format of a rent to own contract.
This can be found in any office supply stores or you can simply purchase online.
Buying a sort of template for the rent to own contract adds to the credibility and integrity of the agreement between the tenant and the owner. Ready-made contracts are formally written by a lawyer.
Once you purchased the template for rent to own contract, you can make the necessary revisions depending on what you would like to demand from your potential tenants. The revised contract should be appropriate to the limitations you would like to impose. It can also include the different payment schemes you like to require.
It may also cover the overall responsibility of the tenants to your property while they are still renting it out. In this way, you are making the agreement unique to your own needs and expectations.
You must take note that the rent to own contract is considered a legal document. It is covered by real estate laws and any violation may result to the corresponding penalty. But, in any kind of agreement, you should be able to review some points which may bring up debatable issues or loopholes.
The contract should be fair and equal for both parties.
Hence, it is important to be comprehensive as you construct the clauses and agreements in the rent to own contract. Comprehensive would mean deletion of complicated and unnecessary concerns and instead, include only the most important details such as duration of the rental period, monthly dues, move in date, terms of payment and property turnover details.
Given that you have a template for your rent to own contract, do not use the ready-made document but instead, type your own. This gives an impression that you really mean business and it makes it more official if the contract is tailored for your needs. You may use the same type of words to make it legally sounding.
You may actually delete some statements which you find unnecessary and you can add in some statements that suit your requirements. By having your own file of the rent to own contract, you can simply revise it over and over to make it more personalized.
You do not have to purchase the generic type of contracts and basically the original file can be easily retrieved for the next possible renters.
Overall, having your customized rent to own contract makes it easier for you to revise and make changes as deemed necessary. You should remember to always have a duplicate copy – one for you and one for the tenants.
Always keep the signed contract so that you can always check if violations have been made or you can review it over and over then, make it a basis if you need to ask them to leave the property. Ultimately, always consult someone who has expertise on this type of concern.
Say, a lawyer or someone who has been in the rent to own business for a long time. They can always provide you the best advice as they have learned from experience already.