I need to make some kind of rental agreement? Help!?

Question

My mom helped paid cash for a small house right across the street from her last year (worst decision ever) I am getting closer to have this baby, my mother is a huge control freak and insists I have to at least call her 3 times a day or go over there after work. So....we are moving out, we found a really nice place to live, way nicer then there and we found a nice older lady to buy it...well owner finance she will make payments directly to my mother until its paid off. I havent told my mother yet, she isnt moving in until 2nd week of August. Anyways we need to make some kind of rental agreement, stating she will pay such amount until paid off, she will make the payments directly to my mother since we arent finished paying her, and etc. I dont know how to word it or make one.....Any advice? I doesnt have to be all professional like no pets or whatever, just like a small type of agreement.

Answer 1

No offense, but you are in way over your head.  You are not knowledgeable and skilled enough in property transactions to handle such a transfer.  Seek professional counsel or it will be the worst decision you'll ever make.

Answer 2

go to your local Office Supply store - they carry the agreements you're looking for and you fill in the blanks as it applies to your situation - good luck ** be sure you also put in what happens if the new lady doesn't make her payments on time and be very specific about what will happen if she doesn't and I'd also charge her a large down payment (deposit) fo sorts - people are more apt to take care of a property if they have something invested in it rather than moving in for free so to speak

Answer 3

office supply store has lease templates.

Answer 4

This is a "lease-purchase" agreement and you need to GET A LAWYER before anything is signed.

If you s***w the contract up, you can lose the house and the money.  And end up in tax trouble.

Answer 5

If the house is in your name then the agreement needs to be between you and the woman.  Have the woman pay you and you pay your mother since you are the one who owes your mother the money.  Write up the agreement something like this:  John and Jane Doe (sellers) agree to sell property at 123 Main St. Anywhere, ST to Mary Adams (buyer) for $50,000 to be paid in monthly increments of $500 per month until said property is paid in full.  Mary Adams will be responsible for taxes and insurance beginning on the date she takes possession of said property.  If Mary Adams falls behind in the payments then she will be given 30 days notice to move and forfeits any monies she has paid to date.  The deed will be signed over to Mary Adams when the property is paid in full.

Both you and the buyer need to sign it and it would be best to have it notarized.  Check with your bank or insurance office to see if they have a notary.

Answer 6

You can't do this at all.

This is your mothers house, you can not sell it.    No contract you sign would be valid.

Answer 7

I agree girl get a lawyer to work out the details many well meaning people end up in tax trouble and loss the rent and the house. There is a way to do it correctly my husband did it with a house he was left by his father he wanted to rent it out because it still had to be paid off. There where a few forms to fill out one meeting with his lawyer was all he needed to get it done correctly and he never had a problem. Just get a lawyer they often will tell you up front what you need to and you can do the rest on your own it's cheaper that letting them do all the work.