Legal Question in Real Estate Law in Pennsylvania
I am currently renting a single family home in Emmaus, PA. We are looking to do a rent to own agreement with the landlord. I was wondering how such a transaction worked, and what I should do to protect myself and family.
1 Answer from Attorneys
Sorry to give you one of those "Get a lawyer" responses, but this is definitely not a DIY situation. If the landlord will agree, you're better off buying and getting a regular mortgage, or having the seller take a mortgage from you for most of the purchase price. But in order to have the protections you need and have it properly documented, you MUST have an experienced real estate lawyer in your county represent you from creating the agreement through closing/settlement.
This is probably the largest single investment you'll make, don't jeopardize it trying to save money by not using a lawyer.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.