Rent to Own: How to draw up Agreement

[Account Closed]

Our current tenants love the property and they announced that they would like to fulfill a RTO agreement for this property. Do I draw up the RTO agreement on my own or do I need to go through a realtor for the RTO agreement? I already have an attorney lined up for this process. Should I consult said attorney beforehand to discuss this agreement? I dont want to have to go through a realtor but i can if I have to.

-Tiffany Goglin

[Mary Cronin]

You need 2 agreements - one you might have already ... 

1) lease

and 

2) option to buy 

If you're not familiar with these get a lawyer to do them. Don't let realtor talk you into a single agreement. 

The option has to have separate consideration and should spell out whether tenant gets a credit against the purchase price as well as the purchase price of the property (which may be current value or a higher future value that you negotiate with the tenant).