Rent to own Question

[David Stone]

Hi BP!

I have a tenant interested in purchasing the house we currently rent to him and we are ready to sell. He still needs time to build his credit until he will be eligible for financing.

Q#1: If I get a signed option to purchase contract signed, do I keep it and turn it in to escrow at the time he decided to purchase?

Q#2: At the time he decides to purchase, will I need a separate purchase agreement?

Q#3: Should I be doing anything to help him be set up for success?

I'm still a newbie, any advice is welcome as I am always eager to learn!

Thanks, David

Elma, Wa