If you decide to rent rather than sell the property -- whether as a simple lease or as part of a lease-purchase transaction -- you should hire an attorney to protect your interests and assist you in complying with landlord/tenant laws.
Given the state of the housing market, some sellers are renting their properties and providing the tenant with an option to buy at some point in the future. This arrangement (known as "lease-purchase" or "lease-to-own") has many advantages. For example, it encourages the tenants to remain in the property and maintain it until they eventually purchase it. Alternatively, you may decide that leasing rather than selling makes better sense. There are several advantages to leasing the property, such as tax benefits and a regular cash flow.
When you act as a landlord, you take on legal rights and obligations. It is a good idea to hire an attorney to review the documents whether you are simply leasing the house or leasing with an option to purchase. In either case, you want an agreement that will protect your interest in the house throughout the tenancy. Moreover, if the tenant violates the terms of the lease, you will probably want an attorney to assist you with the eviction process.
My associate Marc Holmes and I can draft the appropriate documents and provide you with ongoing legal counsel regarding your rights and obligations as a landlord.
