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Ernie Garcia, a landlord attorney, discusses rent-to-own deals, highlighting their complexities and the importance of drafting agreements. He shares that clients often present situations where tenants agree to purchase the property, which can vary widely in format. Key rights for both landlords and tenants depend on how the agreements are written, sometimes even prohibiting the use of "landlord" and "tenant." He explains that a typical arrangement may involve a lease with an option to buy, which the tenant might pay for, and can include a right of first refusal for the tenant. Proper understanding and drafting of these agreements are crucial in rent-to-own scenarios.
