Dodd Frank

[DAVID GREENSLET]

I have tenants that had a lease option which has expired. I allowed them to stay and continue to rent. I froze the option credit and offered to let them use the credit if they buy. If they don't buy they forfeit the accumulated credit.

How does Dodd Frank / SAFE effect this transaction? The original agreement predates Dodd Frank.

Where can I find out the details as they pertain to NY and VT?

Thanks Dave

[Bill Gulley]

Any modification, extension or other arrangement concerning your deal will be subject to the DF/SAFE Acts. I suggest you see a mortgage originator and an attorney. Consider doing a Sub-to or note and deed of trust. I suggest you stay away from the "rent-to-own" concept as it may well back fire on you, much has been addressed about the RTO stuff here on BP, search and you'll find more than you want to know. :)