I'm currently renting a house from a company. The company that owns it has very little interest in the real estate and seems open to selling rental property. My family would like to stay in the house long-term, and I'm considering asking them if we can arrange either a rent-to-own or a seller-financed agreement. We would be unable to finance through a bank due to credit problems. I'm unsure of which to ask for, and what kind of legal help I'd need to approach the company for the request and during the process.
You should find an experienced Real Estate attorney to explain these options to you and recommend which works best for your particular situation. That being said, be careful with rent to own contracts, as they are full of pitfalls that can cost you money. An attorney should carefully review any such agreement you sign.
This answer is intended as informational only, and does not constitute legal advice or form an attorney-client relationship between us.
5 lawyers agree
Divorce / Separation Lawyer
There is a significant different between rent to own and seller financed. You really ought to hire a real estate attorney to assist you with this transaction. The little you pay the attorney now could save you thousands down the road. Best wishes to you.
Real Estate Attorney
I agree with the other Attorneys. There can be big differences between the two. If you do not think you will qualify for a loan, seller financing may be the way to go, but definitely have the documents looked at by an experienced real estate attorney.