There are very beautiful, comfortable, and well-placed rental houses. You may want to make it your property. It can be easy and less expensive when you get along well with the owner of the house. Here’s how to buy the house you’re renting.
Talk to your landlord
When it comes to owning the house you live in, you should first discuss this desire with your landlord. Clearly explain your motivation to get her agreement. When the latter gives you a favorable opinion, you can begin the process of purchasing the property. The latter will be simpler and less expensive. You won’t need to hire a real estate agent.
However, before agreeing on the purchase price, you can browse similar properties in the area. You need to find out what the selling price of each is. When you find your landlord’s offer too outrageous, don’t hesitate to negotiate.
Choose a purchase contract
You will have to choose between two types of contracts to complete the purchase with your landlord. These are the hire-purchase contract and the lease option contract.
The hire-purchase contract
You may not have a lot of money to buy the house yet. In this case, the hire-purchase agreement may help you pay the purchase price over several installments.
When you sign this contract with your landlord, you will be required to pay them a specific amount of money each month, apart from the rental fee. The money required by the contract will go into an escrow account.
They will be used as a deposit after a period of time specified in the contract. The duration is generally between three and five years. When you enter into this contract, you should not later change your decision to acquire the property.
The lease option contract
The lease option agreement is similar to the hire-purchase agreement with one difference. It is about the fact that you will be able to change the decision to buy the property.
This contract entitles you to a legal option to purchase the property. The price can be agreed upon after a certain period of time. You can specify this period in the contract.
By doing this, you will have more flexibility to make a decision in case the circumstances change. In addition, it is imperative to conclude your contract in writing, whatever its type. Oral agreements are very light.
Call a lawyer
The services of a lawyer specializing in real estate law may be essential for you. You should resort to this when you are in doubt about the effectiveness of the transaction. The lawyer allows you to carry out this operation without any problem. He will check if all the sales documents are correct. He must also follow the process of drafting and signing the sales contract.
Thus, this expert will be able to detect the potential traps contained in the compromise. It will grab your attention, so you can avoid them. In the event that a dispute arises after the purchase, he will better defend your rights. For example, the professional may demand compensation for poor workmanship on your behalf.
In short, to buy a house that you are renting, you need to talk to your landlord about it. It will then be useful to conclude a contract with him. Having a lawyer by your side will also help.