Selling your house in Edmonton with a rent to own agreement can be the best way to sell fast for the price you want. Learn more about how to do it in our latest post!
When considering selling a house in Edmonton, many individuals overlook the option of utilizing a rent-to-own agreement to streamline the transaction process. By being open to receiving the total home amount over time, you can potentially attract a buyer sooner while still securing your desired selling price. Furthermore, opting for a rent-to-own agreement allows you to receive an upfront cash downpayment along with a higher-than-average monthly rent, enabling you to generate income while working towards the full home price within 1-2 years. This selling approach can be highly advantageous for homeowners aiming to sell their properties quickly and at a favorable price.
Set Your Rent-to-Own Criteria
By opening your property to rent-to-own buyers, you broaden the pool of potential purchasers. However, it is essential to establish specific criteria regarding credit score, downpayment amount, and agreement duration. You must ensure that the chosen buyer can fulfill their end of the deal and eventually purchase the property. Therefore, before finalizing a rent-to-own agreement for selling your house in Edmonton, define your expectations and requirements for a prospective buyer.
It’s crucial to remember that the agreement is not open-ended; it requires a committed buyer capable of completing the purchase. Potential intentions do not always translate to actions. Hence, outlining your preferences beforehand is vital to a successful rent-to-own arrangement.
Agree On The Rent-to-Own Terms
Once you have outlined your ideal tenant criteria, the next step is to secure someone willing to agree to your terms. This includes deciding on the monthly rent, downpayment amount, rent portion allocated towards the purchase, and a mutually acceptable timeframe. The agreement typically spans 1-3 years, within which the renter must either buy the property outright or forfeit their downpayment and purchasing option.
Create A Comprehensive Legal Contract
When employing a rent-to-own arrangement for selling your property in Edmonton, it is imperative to ensure all aspects are legally solid. Avoid potential legal disputes by crafting a detailed rent-to-own agreement that covers various scenarios to protect all involved parties. YEG Home Buyers offers assistance in facilitating the sale of your house through a rent-to-own agreement, ensuring a legally sound and professional process.
Establishing Contingency Plans
Similar to a standard rental agreement, a rent-to-own contract provides the flexibility to evict the tenant for non-payment or violations of the agreement terms. While this situation is undesirable, understanding the eviction procedures and rights of both parties is crucial. Until the property is fully paid for, it remains under your ownership, necessitating protection measures to prevent any damage or depreciation.
In summary, selling your house in Edmonton with a rent-to-own agreement can be a quick and cost-effective way to sell your property. This agreement allows you to receive an upfront cash downpayment and a higher-than-average monthly rent, allowing you to generate income while working towards the full home price within 1-2 years. To set your rent-to-own criteria, define your expectations and requirements for a prospective buyer. Agree on the rent-to-own terms, which typically span 1-3 years, and create a comprehensive legal contract to avoid potential legal disputes. Establishing contingency plans is crucial, as a rent-to-own contract allows you to evict the tenant for non-payment or violations of the agreement terms. This approach ensures a legally sound and professional process for all involved parties.