I have a place I might want to sell and have tenants in-situ.
Was contemplating offering them first dibs on buying the joint, but I'm not sure if they'd get a loan from the bank. They are good payers (of rent) however.
Then the words "rent to own" popped into my swede.
Can anyone offer any advice on how this is acheived? Any traps for the unwary? Does the property remain in my name with a legal contract (similar to a mortgage) defining the payments and other aspects, or does it become theirs, with a similar document. If it went tits-up obviously the former option means less hassle to recover from the situation, but I've never done this and have no idea, really.
If they said "not interested" then we will give them the normal 60-day notice (I want to spruce it up and sell empty). They would have no grounds to challenge this notice, right? I mean, the TT would in no way ever consider my action as retaliatory? Because it ain't.
Was contemplating offering them first dibs on buying the joint, but I'm not sure if they'd get a loan from the bank. They are good payers (of rent) however.
Then the words "rent to own" popped into my swede.
Can anyone offer any advice on how this is acheived? Any traps for the unwary? Does the property remain in my name with a legal contract (similar to a mortgage) defining the payments and other aspects, or does it become theirs, with a similar document. If it went tits-up obviously the former option means less hassle to recover from the situation, but I've never done this and have no idea, really.
If they said "not interested" then we will give them the normal 60-day notice (I want to spruce it up and sell empty). They would have no grounds to challenge this notice, right? I mean, the TT would in no way ever consider my action as retaliatory? Because it ain't.
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