Lease to Own in Little Rock Arkansas
So after our first rehab sitting on the market for about 4 months, we have some interest in a Lease to own scenario. I'm a little nervous, as I've heard that there are quite a bit of legalities tied to it. They brought up terms that seem a little unusual to me. $5,000 deposit- one year lease with option to purchase. If he doesn't buy by end of year, forfeits deposit. If he does buy, deposit and rent both go towards purchase. Does anyone have any advice regarding the legalities of a lease to own, or just in general? A year seems a little short to me. If he's another investor looking to sandwich, he'd make that known, right?
Thanks in advance!