Get help with a rent-to-own, lease option, contract-for-deed, or installment contract.
Of all the real estate contracts we deal with, the rent-to-own agreement (or some variation of it) causes the most legal problems. Not all rent-to-owns are bad, but there’s a right and wrong way to go about it. These agreements often lead to litigation, so make sure you understand why.
They go by many names.
There are several different names used for a real estate contract that combines both a lease and a sale of the property: rent-to-own agreement, contract-for-deed, lease purchase contract, lease option, or installment contract (to name a few).
And they cause many legal problems.
We routinely help clients with this type of agreement, but we always warn of the potential dangers. Any contract that attempts to combine elements of a lease and a purchase can easily be abused by either party. See our article explaining the potential pitfalls.
But they’re not all bad.
Although the contract-for-deed and rent-to-own can be misused, they can also be very useful in the right situation. A well-drafted rent-to-own or lease purchase agreement can be valuable for both the buyer and the seller. Just make sure it’s done right, and make sure both parties understand how the agreement would be interpreted in the event of a default.
They may lead to foreclosure.
One of the biggest mistakes sellers make is to assume they can simply evict the rent-to-own purchaser in the event of a default and keep 100% of any payments made up until that point. Under Oklahoma law, most lease purchase structures are treated as a sale with a mortgage back to the seller, meaning the seller may need to foreclose (not evict) in order to enforce the agreement.
“Wonderful service! The timing of making a deal can give us anxiety. Luke was so helpful with the purchase of our commercial property. He was very good at responding back and he will let us know when he can get back to us if he is busy with court etc. We are so happy with his service. He was very knowledgeable regarding our purchase agreement and gave us a good feedback on what needed to be done or taken out. Above all we were happy with his price, too.”
We handle all types of real estate leases and contracts.
Lease Purchase Options
Joint Ownership Agreements
Waiver and Release Contracts
Joint Venture Agreements
Commercial Purchase and Sale
Rent to Own Agreements
Residential and Commercial Lease
Life Estate Deeds / Agreements
Letters of Intent
Real Estate Partnerships
Seller Financing Agreements
Transfer on Death Deeds
Mortgages and Notes
Basic Contract Review with Feedback
- Estimate: $450
- Includes up to 2 hours of attorney time to review the lease, answer specific questions, and provide general feedback. Does not include contract negotiation or disputes
Draft Basic Agreement
- Estimate: $450
- Includes up to 2 hours of attorney time to draft a custom agreement based on client requirements. Does not include extensive revisions or complex provisions (beyond 2 hours)
Hourly Advice or Lease Negotiation
- $225 / hour
- 15-minute increments
- By phone, email, or office
Review Complex Agreement or Lease
- Estimate: $900
- Includes up to 4 hours of attorney time to review the contract, answer specific questions, and provide general feedback. Does not include contract negotiation or disputes
Draft Complex Agreement or Lease
- Estimate: $900
- Includes up to 4 hours of attorney time to draft the agreement, answer specific questions, and make changes.