Quote:
Originally Posted by little elmer
I've owned the property for a while, but it's a couple of hundred miles away and maintaining it is a bit of a pain, so the nice couple (read: faithful) expressed interest in taking ownership through the rent-to-own process.
He even volunteered that the insurance and maintenance is something they would take over immediately - I like it a lot.
But I'm not a bank; who decides the terms, based on their credit history? Does a title company do everything, or are the details something we have to hash out?
TIA
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Best case (for them, at least) is they get an inheritance, settlement, or life insurance benefit and pay it off. (Not sure if you want to offload the property or would be sad to lose a rental).
I'd ask the attorney you select if it means anything different a worst-case: non-payment, recovery, and what rights they would have vs. being just renters.
We all want to believe that these are good people wanting to have an end goal to look forward to. It's unfortunate if things stray from being as-agreed and you have to fall back on your contract language and stand behind it.
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