Wanna-Be House-Buying Couple Left Holding The Bag In Rent To Own Scam Involving Home In F'closure; Attorney: 'Protect Yourself - Get A Title Search!'

In Columbus, Ohio, WBNS-TV Channel 10 reports:

• With the real estate market down, and some financial problems in the past, the Kaiser family decided they would try to find a home with a lease-option to buy, Consumer 10’s Kurt Ludlow reported on Friday.



• Sandy and Tim Kaiser rented a condo, with a promise from the owner that he would sell them the condo in a few years. He promised to pay the association fees and the mortgage during that time. The Kaiser’s eventually discovered that the condo was in foreclosure.



• “I’m trying really hard not to be bitter about the fact that I think he knew from the beginning that he wasn’t going to be making his payments,” Sandy Kaiser said. “I think he just booked.”



• Lawyer Gary Price said what happened to the Kaisers could have been prevented if they had used a lawyer. “Lease to own, it's not the end of the world,” Price said. “Land installment contract's not the end of the world. But comply with the law."



• Under the law, any deal to sell property, even leasing to own, must be in writing, witnessed and notarized, Price said. "Find out who you're dealing with,” Price said. “Best way to do that, safest way to do that, and yes it costs a little money, is to get a title search.” Finally, the contract must be filed with the County Recorder, Price said.



• The Kaiser family said that they are waiting for the Sheriff to knock on their door. “I (have to) keep paying him, and he's already stealing from the bank is the way I look at it,” Tim Kaiser said.

Source: Risk Incurred In Renting To Own.