There has been a Supreme court case in WA about Rent to Owns. As information becomes available we will Pass it on.
You can still do Lease Options in WA .
This problem has occurred due to a couple of Rick Otton’s students using a strategy taught to them by Rick Otton called a ‘Transaction Engineer’. As taught the ‘TE’ sets up a Vendor and a Purchaser in a single agreement of which neither party has any real understanding. The Transaction Engineer takes a fee and exits the deal.
We do Not recommend that this strategy be actually used as it is taught for at least the following..
1. You are putting 2 clients together who have no knowledge or education concerning their rights and responsibilities concerning the deal they are involved in.
2. If things go wrong neither client has a clue how it should be dealt with and things go wrong very quickly. The repercussions for the clients can be financially devastating.
3. You are acting as an agent, and unless you have a Real Estate agents license your actions are illegal.
4. Putting both your clients financial future in a very vulnerable position.
The VFA committee does not advocate the ‘Transaction Engineer’ Strategy and would urge any members that have done these deals to contact the VFA to find out how to remedy the situation and to ensure the proper protection of both the Vendor and Purchaser in these transactions.
David Siacci
VFA President