Posted by Brent_IL on September 11, 2003 at 22:27:54:
You are correct about the way that the payments are applied.
Rent is paid in advance. If your rent is due on October 1st, when it is paid, you’re paying for the month of October.
Mortgages are paid in arrears. That means that October’s payment covers the principal and interest for the month of September.
The documentation you need is simple. The lease part is a rental agreement, but all you have to do is to insert a clause that there will be a moratorium on the agreed upon rent payments until such time as a tenant/buyer is in permanent residence.
Getting the seller to agree to it will be the greater challenge.