Legal Question in Real Estate Law in Oregon
Lease-to-Own Contracts
Buying a house from a friend lease-to-own. Using Stevens-Ness legal form No.974 Lease & Option Agreement and No.706 Contract-Real Estate-Monthly Payments. I don't understand how the latter form works w/the former. I am leasing for 2 yrs, both parties would like to retain flexibility as to the exact sale month, not sure if this is possible within these forms. Also need info on attaching an addendum to forms to cover agreed upon repairs to house (sale contigent on these). Thank you.
1 Answer from Attorneys
Re: Lease-to-Own Contracts
These two forms do not work "together". One is for use when you are leasing the property, the other is used at the time of a sale where the buyer is purchasing the property over time from the seller.
Lease Optioning a property is a fairly complicated transactions as it has elements of both a landlord-tenant relationship and a buyer-seller relationship. Your questions point out the need for legal representation when entering into such transactions. This is particularly true when the transaction you contemplate is not the same as that identified by the forms you are trying to use.
Our office offers a low cost initial consultation and regularly represents both buyers and sellers in lease - option transactions. Give us a call.
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