Rent-to-own agreements should specify when and how the home’s purchase price is determined. In some cases, you and the seller will agree on a purchase price when the contract is signed – often at a higher price than the current market value. In other situations, the price is determined when the lease expires, based on the property's then-current market value. Many buyers prefer to “lock in” the purchase price, especially in markets where home prices are trending up.
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One drawback of the rent-to-own selling option is that you might want to sell your house or condo sooner, and if your contract or lease doesn’t allow for you to do so, you could be locked into the terms you agree to with your tenant/buyer. Consult your attorney on how to make this sale provision of your contract negotiable if you need this flexibility.
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Units are typically leased out at market rates with an additional rent-to-own fee tacked on each month. That fee varies, but it’s usually anywhere from 10 to 15% of the monthly rent. For instance, a unit that would rent for $1200 on the open market may cost a rent-to-own lessee $1350 per month, with the $150 difference put aside in an escrow account. Any funds collected in the escrow account can usually then be used toward the purchase of the home if the tenant decides to exercise their option to buy. Otherwise, the funds are forfeited to the owner at the end of the lease term. Using the same example as above, this would result in $5400 collected over a 3-year lease period, which the tenant could put toward closing costs or a down payment on the home.

Both renters and sellers need to be very clear about the contract they draw up before they agree to this arrangement. Renting-to-own has advantages and disadvantages for both parties. Sellers who have already bought a new house will have relief from paying two mortgages at once, and in a slow housing market with many homes for sale, this may be their best option. Buyers who can't yet afford a house may be able to get one more quickly.
At the end of your two-year lease term, assuming you exercise your option to purchase, the fixed $200,000 purchase price will be discounted by a) the amount of the option fee and b) the total rent credits. So subtracting the $6,000 option fee brings the price down to $194,000. Then, subtracting $7,680 in rent credits ($320 x 24 months) further reduces it to $186,320.
Maintenance. Usually, there are specifications in the contract concerning maintenance. It isn't uncommon for the person who is purchasing the property to maintain it while they're living there. The tenant can be asked to pay for any repairs, property taxes, insurance, and any homeowner's association fees. Since it is the seller's home, they are technically responsible for taxes, insurance, and homeowner's association fees but they could ask the tenant to pay them. Either way, the tenant will need renter's insurance. It is up to the potential seller to specify what is covered by maintenance and what is not covered. This is very important because if nothing is specified, the tenant could end of doing major repairs instead of basic maintenance.

Price. Asset prices have become inflated by nearly a decade of intervention by central banks since the housing crisis. In many big cities you'll pay a price premium to own your home. The cost of ownership is not just the monthly loan payment, but also includes things like: maintenance, property taxes, homeowner's insurance & the opportunity cost of not investing the equivalent sum of money into higher yielding & more liquid investments. When all these other costs are considered, NerdWallet found that in 2015 the ownership premiums can range from 33% to 93% more per month than it would cost to rent. That said, the NerdWallet data has a skew to it, as some people may buy large opulent homes whereas the common rental dwelling is far more subdued. What matters more than any overall trend is running the numbers on your options. In many neighborhoods rent costs about double what the associated mortgage payment would be for the same exact property, though it is worth noting the property owner also has to pay for maintenance and other costs of ownership.

Maintenance. In a rent-to-own agreement, the seller may ask you to cover costs such as repairs, maintenance, HOA fees and property taxes while you’re renting. You could be on the hook for everything from landscaping to a broken air-conditioning unit. That’s why it’s so important to walk through the contract with an attorney who can clearly explain what each party is responsible for.

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If you have a lease-purchase contract, you may be legally obligated to buy the property when the lease expires. This can be problematic for many reasons, especially if you aren’t able to secure a mortgage. Lease-option contracts are almost always preferable to lease-purchase contracts because they offer more flexibility and you don’t risk getting sued if you are unwilling or unable to buy the home when the lease expires.
The rent-to-own purchase model can be a good option for sellers whose houses have been on the market for some time and they can’t find a buyer for a variety of reasons: Perhaps it’s more advantageous to rent in your area. Or maybe interested buyers don’t have high enough credit or enough of a down payment to qualify for a mortgage. The rent-to-own option can attract potential buyers by giving them a chance to slowly build credit and pay their down payments over time. Just make sure your potential buyers can have high enough credit to qualify for a loan when it’s time to buy.
To retain the option to buy the house, a renter puts up a payment (option money) which can range anywhere from 2.5%-7% of the sale price of the home. This gives the renter the right to buy, but not the obligation to do so. Meanwhile, the current homeowner/landlord agrees not to sell to any other potential buyers during this time. Option money may be refundable (usually not) or partially applied toward the eventual purchase price (usually so).
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In April of 2000 the FTC released the results to a survey of 12,000 randomly selected U.S. rent to own customers. This survey represents people who purchased any type of product rent to own industry. Most of the purchases were for home electronics, furniture & appliances. While the purchase prices are far smaller than the cost of a home, many of the concerns are similar to those who are renting a home.
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High-cost markets are not the obvious place you'll find rent-to-own properties, which is what makes Verbhouse unusual. But all potential rent-to-own home buyers would benefit from trying to write its consumer-centric features into rent-to-own contracts: The option fee and a portion of each rent payment buy down the purchase price dollar-for-dollar, the rent and purchase price are locked in for up to five years, and participants can build equity and capture market appreciation, even if they decide not to buy. According to Scholtz, participants can “cash out” at the fair market value: Verbhouse sells the home and the participant keeps the market appreciation plus any equity they’ve accumulated through rent “buy-down” payments. 
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The usage of rent-to-own transactions began in the United Kingdom and Europe, and first appeared in the United States during the 1950s and 1960s.[2] While rent-to-own terminology is most commonly associated with consumer goods transactions, the term is sometimes used in connection with real estate transactions.[3] The newest law coming into effect known as "Physical control" is a progression towards owning something such as a parcel of land.
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Market Timing. One of the biggest investment flaws people have is projecting the recent past trends indefinitely into the future. This is part of why people crowd into markets near the top & sell out of fear near the bottom. Institutional investors tend to be more pragmatic & experienced at investing than most individuals are. Those who have liquid cash during recessions are able to flip the cost structure by buying homes at rock bottom prices. This is why hedge funds bought large portions of the residential housing supply in Phoenix and other cities after prices sometimes fell by more than 50%. Blackstone acquired 40,000 homes and created derivative products based on the rental payments.
Traditionally, there are two different types of RTO options. Each strategy has its advantages and disadvantages, as well as reasons why sellers opt to do RTO for their properties. As long as a seller owns the home outright, they can choose to use the RTO strategy to sell the property. This includes condominiums, townhouses, single-family homes, and multi-family homes.
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Buyers see benefits—but not without some big potential roadblocks. In many cases, they are counting on being able to rebuild their damaged credit rating while living in the rent-to-own home and paying above-market rent. To benefit, they must be able to get their financial house in order and qualify for a home loan before their lease option expires. Should the market drop significantly, the renter might end up owing a lot more on a house than it's worth. And it's harder to move out should your lifestyle change.
There are actually two types of contracts: a lease-purchase and a lease-option. With a lease-purchase contract, you're locked into buying the home by the conclusion of the contract. If you don't, you will forfeit all the money you’ve supplied to the seller over those years and could also face legal action. If you choose this route, you should be absolutely clear on your long-term plans and financial outlook. Plenty can happen to your life and livelihood that could affect whether you can (and want to) own this house.
Housing StatisticsProperty prices in Las Vegas aren't as high as people might think, largely because the city extends far beyond the glossy and abundantly wealthy areas of the Vegas Strip. Las Vegas proper has houses for sale at an average of just over $360,000, with median prices much lower than that at only $161,500. The population in the city stands at about 600,000, with an almost exact split between men and women, with average income per household of $47,000. A recent study from the University of Nevada has also shown that roughly 40,000 homes, or eight percent of the total homes in the city, are vacant. As such, people looking for homes for sale or rent to own properties should have a fairly easy ride finding a few potential options in the city.
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In April of 2000 the FTC released the results to a survey of 12,000 randomly selected U.S. rent to own customers. This survey represents people who purchased any type of product rent to own industry. Most of the purchases were for home electronics, furniture & appliances. While the purchase prices are far smaller than the cost of a home, many of the concerns are similar to those who are renting a home.

Repairs and maintenance: This is where many landlords get hung up with rent-to-own properties. Some forget to include language in the agreement about which party is responsible for R&M. This can cause major, deal-threatening disputes down the road. Be explicit about who is responsible for what, and to what extent. For instance, maybe a tenant is responsible for all routine repairs and property maintenance up to a certain dollar amount each year, at which point the costs are covered by the owner (or shared between both parties). Capital improvement costs should be included in this provision.


In April of 2000 the FTC released the results to a survey of 12,000 randomly selected U.S. rent to own customers. This survey represents people who purchased any type of product rent to own industry. Most of the purchases were for home electronics, furniture & appliances. While the purchase prices are far smaller than the cost of a home, many of the concerns are similar to those who are renting a home.
First and foremost, while these agreements tend to favor the landlord, they are not foolproof. A landlord truly hoping to sell risks a tenant walking away from the property at the end of the contract period, and thus having to put the property on the market all over again. Landlords often find themselves in hot water if tenants were responsible for repairs and maintenance, but then walk away from the deal without taking those duties seriously. Finally, landlords risk agreeing to sell the property for a set price, only to see the home appreciate in value during the contract period.
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This post is correct in that a rent to own can be a great deal for both the buyer and seller however I would just like to caution anyone considering a lease option to be particularly careful in reading the entire agreement and understanding the contracts they are signing. I would strongly recommend you have your own attorney review the agreement so it can be properly explained before you turn over your hard earned money to anyone. You will want to protect yourself from any surprises down the road.
Making your lease payments on time can help improve your credit. Just make sure your landlord/seller reports your rental payment data to the major credit reporting agencies.  There are many other things you can do to improve your credit score while you’re in the rental period of your lease agreement. Start by requesting your free credit report. Federal law entitles you to one free credit report once a year from AnnualCreditReport.com, a website set up by the three major credit bureaus.
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