In our last post we discussed the potential pitfalls of entering into a Lease To Own Contract. Many of the problems that we have seen potential buyers encounter could have been prevented if they would have consulted with a knowledgable attorney familiar with Real Estate Law and also prepared themselves with more knowledge.
A Lease To Own contract is more complicated than a straight lease or rental agreement because it combines the elements of Landlord-Tenant Law with the complexity of a sales agreement. Because of this, there are multiple facets that you should be aware of to protect yourself and your attorney can guide you properly.
For example, you should be made familiar with the terms Option Premium, Rent Credit and Exercise. Often buyers find themselves in unchartered territories with a Lease To Own contract only to find out that the contract language can cause them to forfeit thousands of dollars because they were not aware of the consequences associated with taking or not taking certain action.
In the State of Michigan, our firm recommends that you contact the Law offices of Bruce Inosencio. Mr. Insosencio specializes in Real Estate and more specifically, Lease Option Law. You may reach Mr. Insoencio at bruce@inosencio.com.
Our next post will discuss issues relating to the economic environment and how to know if the seller of your Lease To Own Home is making the mortgage payments with your Lease Money!
Monday, February 4, 2008
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