How common is it to enter a rent to buy contract with a house owner? My Thai friend has been offered such a contact with his house owner, paying a fixed amount per month, over 12 years, to buy the property he presently rents. He says that this is a common practice in Thailand, but I have not heard of it before. I presume that the contract needs to be drawn up by a lawyer, for the protection of both the buyer and the owner. He has checked on google for standard contract terms to cover this type of process, but it's all in Thai, so I can't give him my opinion, not that he needs it. He seems quite relaxed about the arrangement he is about to enter into.
How common is it to enter a rent to buy contract with a house owner? My Thai friend has been offered such a contact with his house owner, paying a fixed amount per month, over 12 years, to buy the property he presently rents. He says that this is a common practice in Thailand, but I have not heard of it before. I presume that the contract needs to be drawn up by a lawyer, for the protection of both the buyer and the owner. He has checked on google for standard contract terms to cover this type of process, but it's all in Thai, so I can't give him my opinion, not that he needs it. He seems quite relaxed about the arrangement he is about to enter into.