Rent to Own contract in Connecticut for condo?

Question

Does anyone know of any good resources to get free information for writing up a rent to own contract. We are selling a single family attached home (previously a duplex) with a down payment of $5000 and partial rent credit for 12 months. Examples of contracts would be helpful.

Answer 1

This is connecticut specific Lease with option to purchase contract you can view for free using this link:

http://www.uslegalforms.com/ct/CT-00547A.htm

If you decide to use it, it does cost $18.00. You can download a copy of it for your personal use.


Here's a very helpful landlord site with many free useful features:

http://www.mrlandlord.com/

You can ask landlord specific questions also.

http://www.uslegalforms.com/

Remember, yhowever, you often get what you pay for. Assuming you can find free, it may not necessarily be the best route to take.

Answer 2

I don't know of any free information, but I would suggest that you go to legalzoo.com and download an actual rent to own contract.

Secondly, when your buyer applies for a mortgage, the bank is only going to take the payment which exceedes the local fair market rent as a credit towards the puchase price, regardless of what is stated in the contract.

Hope this helps.

Answer 3

It all depends on the pricing. You get to deduct the interest on a payment so that needs to figure into the equation. Don't forget the condo fee. Sometimes if you are getting a good deal on rent you really are better off renting. If you decide to rent then be sure to save the difference in a good retirement account. Good Luck

Answer 4

Don't do rent to own, lease purchase, lease option or contract for deed. You then have a bad credit tenant (can't get a loan right now - maybe never will). And the current mortgage is still in your name.

Either sell the place, or rent to a good credit tenant.

Answer 5

Do yourself a favor and have an attorney draw up a contract. I have seen these type of transactions go very wrong