The two most requested searches I receive are a 3 bedroom, 2 bath for under $1,000 and a “rent to own” home. As I was doing my daily real estate reading, I came across this thread on bigger pockets.com; it’s a fascinating (in it’s implications) read on the idea of rent to own vs. right of first refusal. *THIS IS NOT LEGAL ADVICE* It appears that the whole rent to own option from a seller may invoke Dodd Frank, in that a seller offering this option may be performing a financing role, and thus subject to all those lender requirements outlined by law.
The short of it is this: rent to own is VERY complex and not always the best option. This thread has an interesting way to nullify some of the complexity, in the right of first refusal. In practice, it’d allow a renter the safety and comfort of knowing they have first claim to a purchase (that’s my non lawyer read on it anyway).
The short short of it: don’t enter into a rent to own contract without seeking professional guidance! Here’s the thread:
If you’re looking to buy or sell in Colorado Springs, I’d be honored to earn your business! Call Rob at 719-440-6626.