Legal Question in Real Estate Law in Michigan
Real Estate Rent-to-Own Contract
What is the difference between a Contract for Deed and a Residential Lease Agreement with Option to Buy?
One legal forms website wants $17.95 for the Agreement w/ Option, another wants $29.95 for the deed contract.
1 Answer from Attorneys
Re: Real Estate Rent-to-Own Contract
A contract for deed refers to a land contract which specifies that you are purchasing the home with payments going to principal and interest and a deed to be delivered upon final payment.
A lease with option is a property lease for a fixed time period, such as 12 or 24 months, with an option for the tenant to buy the property at an agreed option price during the lease term.
You should be wary of buying the form contracts because they do not necessarily fit the terms of your particular agreement.
Contacting an attorney to assist you is the best method to protect your interests; and it doesn't have to be expensive as for agreement legal fees can be split.
Contact me at www.lawrefs.com if you would like me to assist you with additional free legal advice or if you would like me to represent your interests.
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