Legal Question in Landlord & Tenant Law in Georgia

Rent to own property

I have a rental house I want to sell . And the people living in it want to buy it .I am asking for a small down payment From them and to let them keep paying rent until it is paid off . I want to let them pay the taxes and Ins.As it is due .They can not get it financed in thier name, their credit is not so good. And i want to give them the sole responsability of keeping the place up on everything. They have been living there for about three years .And I beleive in giving them a chance to have a place of their own .I need to know what kind of papers to draw up for both of our proctection.thank you sassy


Asked on 2/21/04, 10:50 am

1 Answer from Attorneys
Harold Holcombe Harold D. Holcombe, P.C.

Re: Rent to own property

You just need to get a real estate attorney to draw up the papers, with a security deed, waiver of borrowers rights, note, etc. Just be sure you want to do this. It's easier to dispossess than to foreclose. And once they're owners instead of tenants, you can't cut them any slack on the payments or you might lose your right to foreclose.

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Answered on 2/21/04, 6:39 pm


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