If a client is looking for a rent-to-own (aka lease-to-own) property, or if a client wants to sell a property but is also willing to accept a rent-to-own agreement from a prospective buyer, check out the information below!
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. There are several critical distinctions between a lease option and a lease purchase. You can read some general information about that here. ARMLS recommends you seek your broker’s advice and expertise for any questions regarding contracts.
If a client asks for rent-to-own properties, here are a few options in Flexmls.
New Financing
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, indicate that the same property is dual listed in Flexmls under a different property type, like Residential Lease for example. It is possible the listing agent has also listed the property as a Residential Lease, which is allowed (See Rule 8.6.).
Special Listing Conditions
Alternatively, in the Residential Lease Quick Search, the Special Listing Conditions field is an important consideration. It has an option called Also For Sale.
Again, this option does not indicate that the same property is dual listed in Flexmls under a different property type.
Required vs. Optional Fields
Finally, remember that none of the aforementioned options are required when ARMLS subscribers enter their listings into Flexmls. For example, there may be a lease purchase opportunity for your client even on listings that do not appear in search results generated by utilizing the Lease Purchase option. Consult with your broker or with the listing agent for more information.
