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JBaxLaw
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Category: Real Estate Law
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how can I write up something legal to rent to own contract

Resolved Question:

how can I write up something legal to rent to own contract for someone. I want to sell my home to some friends of ours and let them take full responsible for the land, but I want to protect my interest until it is paiid off. I have set an amount (low for them) for $30,000 and they will pay $250.00 a month for 10 years. Can this be done with just a notary?


Sherry Nicholas
Submitted: 7 years ago.
Category: Real Estate Law
Expert:  JBaxLaw replied 7 years ago.

What state is this occurring in?

 

Thank you

Customer: replied 7 years ago.
West Virginia
Expert:  JBaxLaw replied 7 years ago.
It is always advisable to seek the assistance of an attorney to draft such a document. If you prefer not to do so, you are permitted to create such a document yourself. You may have it notarized as well. Rather than attempting to write your own lease purchase agreement, you may want to purchase one of the many available on line. These documents will allow you to fill in the essential terms such as price and payment period.

Thank you




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Customer: replied 7 years ago.

IT HELPED ME SOME, I AM STILL NOT SURE OF HOW TO DO THIS, WHETHER TO TYPE UP A DEED FOR THE PROPERTY, OR NOT MAKE A DEED UNTIL THE HOUSE IS PAID FOR. I KNOW THE BANKS GIVE YOU A DEED, BUT YOU STILL MAKE PAYMENTS UNTIL THE PLACE IS PAID FOR. I WENT ON ESTATE PURCHASE AND DOWN LOADED SOME PAPERS, I DON'T KNOW IF IT IS GOING TO HELP, I THINK I AM SPENDING MONEY FOR NOTHING. BUT THANKS ANYWAY.

 

SHERRY

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