I've had a read of this forum, it's great! I now need to find a solicitor in Melbourne who can assist in preparing a rent-to-buy contract. I already have a tenant lined up and we have verbally agreed to an arrangement but just need to formalise it. He found a solicitor but it was going to cost about $1K to prepare the contract. We both thought it should need no more than 4 or 5 pages long.
Hi
There is no such thing, in legal terms, as a rent-to-own contract. A rent to own/buy purchase is usually accomplished with:
1. A residential lease agreement and
2. An option to buy agreementThese two pieces of paperwork will definitely be more than 4 or 5 pages. We operate in NSW but a lot of our Vendor Financier friends in Vic reccommend Lewis O'Brien. His phone number is 03 9888 6388.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Even a standard contract for sale of a property or a residential lease is longer than 4 or 5 pages hitambakar. Both parties will most likely need independent legal advice ie you both shouldn't use the same solicitor's office.
Thanks Paul and Scott. Aside from the residential lease agreement, how long is a typical option to buy agreement?
Hi hitambakar
The one we use is 11 pages.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
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