How do I enter into a land contract with my landlord?
I am currently renting a double-wide on my landlord’s property in Kentucky and we are considering entering into a rent-to-own type of deal. What steps do I need to take to enter into this type of agreement? Is there anything I should be concerned about? What have your experiences been in land contract agreements?
Spend the money to let an attorney set up the contract for you. I have personally seen 2 people lose their rent to own deal by the many loopholes that the contract has to let the original owner out if he gets an offer he can’t refuse from someone else. The market could turn in his favor and if you’ve paid one time late he can take it back, or if you got a pet or something like that not in the contract. So consult a real-estate attorney.
February 8th, 2010 at 7:36 am
I believe in Kentucky, land deals and/or disputes are initiated and settled by leg wrestling, best 2 out of 3.
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February 8th, 2010 at 7:53 am
Spend the money to let an attorney set up the contract for you. I have personally seen 2 people lose their rent to own deal by the many loopholes that the contract has to let the original owner out if he gets an offer he can’t refuse from someone else. The market could turn in his favor and if you’ve paid one time late he can take it back, or if you got a pet or something like that not in the contract. So consult a real-estate attorney.
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February 8th, 2010 at 8:15 am
You need to see a real estate attorney and have them draw the document up, or if the landlord draws it up you need to have an attorney to review it.
There is NO CONSISTENCY among these contracts, and I have seen too many to count where people got ripped off and lost all their money in the process.
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