Ever had a client looking for a rent-to-own (aka lease-to-own) property? Or maybe a client who wants to sell her property but is willing to accept a rent-to-own agreement from a prospective buyer? If either of these questions rings a bell, then this article is for you.
If you’re less familiar with the phrase “rent-to-own”, perhaps you’re more accustomed to clients who could benefit from either a lease option agreement or a lease purchase agreement. In the sphere of real estate agreements there are several critical distinctions between a lease option and a lease purchase. You can read some general information about that here, here and here. As always, we recommend that you seek your broker’s advice and expertise for any questions regarding contracts.
When you have a client ask for rent-to-own properties, here’s what Flexmls has to offer:
In a Residential Quick Search, the New Financing field has several relevant options:
There are Lease Purchase and Lease Option options. Additionally, there’s an option called Also for Rent. None of these options, however, indicates that the same property is dual listed in Flexmls under a different property type, for example Residential Rental. Yes, it’s possible that the listing agent has also listed the property as a Residential Rental. (That’s well within ARMLS Rules and Regulations. See Rule 8.6.) But there’s no guarantee.
Special Listing Conditions
On the flip side, in a Residential Rental Quick Search it’s the Special Listing Conditions field that needs your attention. It has an option called Also For Sale.
Again, use of this option does not indicate that the same property is dual listed in Flexmls under a different property type, for example Residential For Sale.
Required vs. Optional Fields
Finally, remember that none of the aforementioned options are required when ARMLS subscribers enter their listings into Flexmls. For example, it’s possible there is a lease purchase opportunity for your client even on listings that do not appear in search results generated by utilizing the Lease Purchase option. Know that you can always consult with your broker and follow up with the listing agent for more information.