Am I doing a "Lease to own option" correctly?

[Frank S.]

I have a long tenure tenant in my SFR. We made a verbal agreement a year ago: he gives me 55k down and I sell him the house in one year. The agreed price is 170k minus his 55k down payment. He just got pre-approved by a lender what are my next step to close the sale? I think I need to confirm the pre-approval, agree on a closing date, contact a title company, and have the title company facilitate the rest of the deal. I am worried I am missing something. This is my first time doing this time of sale. Any advice or tips would be greatly appreciated. Also let me know if you need more info.