Read your contract closely and be sure you can handle the terms. The rent-to-own real estate contract should include the home price, the cost of rent, and the deadline for you to exercise your option to buy. It should specify what portion of the rent payment is credited toward the home purchase—or if you need to write two checks each month, for the rent and for the home payment—and under what circumstances the contract can be voided.
A rent-to-own agreement can be an excellent option if you’re an aspiring homeowner but aren’t quite ready, financially speaking. These agreements give you the chance to get your finances in order, improve your credit score and save money for a down payment while “locking in” the house you’d like to own. If the option money and/or a percentage of the rent goes toward the purchase price – which they often do – you also get to build some equity.
Rent to own situations can be structured in two popular ways. One is the lease purchase. A lease purchase usually requires the tenant to commit to buy the home over an agreed to period of time. Terms can be quite flexible to suit the renter's needs. These terms include the time frame, the amount of rent applied to the rent to own purchase, and the price of the property. The second approach is called a lease option. In a lease option, many of the same terms apply as in a lease purchase. The difference is in the lease option, the tenant may not be required to purchase the home at the end of the option time period. However, in each case, the renter usually needs to put up a non-refundable option fee to initiate the rent to own contract.
Home values could go down. If you have a rent-to-own contract for a couple years, you have no way of knowing what the real estate market or local economy could do during that time. Sure, your home value could go up, but it could also drop. The purchase price you lock in at the start of the contract is usually inflated to account for rising home values. That means, you could end up paying more than the property is actually worth.
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Landscaping – If you live in an HOA, you will be required to meet the requirements set up by the HOA. Generally, as long as you keep your stuff neater than your neighbor, you are good. If a complaint is filed against the property, you will be required to reimburse us. Failure to reimburse us is a violation of your contract and reason for an eviction. If you don’t live in an HOA, just please be courteous to your neighbor and don’t rebuild transmissions in your driveway…
One of the challenges of rent-to-own contracts is that there is no uniform agreement for parties to use—unlike what you’d expect with traditional, state-sanctioned lease or purchase and sale agreements. In fact, rent-to-own agreements are rarely regulated by the government. As a result, rent-to-own agreements can look markedly different from transaction to transaction, with the property owner nearly always retaining the upper hand.
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Rent-to-own housing can be tricky because the landlord might decide the potential homeowner is responsible for repairs and property taxes during the lease period, said Rich Verrillo, a senior housing partnerships manager for Navicore Solutions, a Manalapan, N.J.-based member agency of the National Foundation for Credit Counseling. Working out all the details before the contract is signed is vital.
To find a lease-to-own or other type of property, simply click on one of the popular states/cities, or enter your city name, state name or even a zip-code into the search bar. We will then search through our records of active rent-to-own homes near you and display a list of all properties within that location. To view a specific property, simply click on the property itself to view detailed information such as images, community information, local amenities and more. The rent-to-own property market is heating up and we recommend contacting owners of these homes quickly to make a deal.
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Rent. While the potential buyer is living in the home during the set term, they are paying rent. A percentage of the rent will typically go toward the purchase price, and this is called a rent credit. It is vital rent is paid on time or else the buyer may not get rental credit & may be assigned a fine. To understand how rental credit works, let us consider a $225,000 RTO property with a 3% option consideration. This will give you a $6,750 option consideration that can be credited toward the purchase price. The rent payments are $1,550 each month with $300 earmarked as a rent credit. The RTO term is 24 months until you have to purchase the home. If you take all of these things into consideration, you get:
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