Anyone have any knowledge of rent-to-own/lease options?

First, only work with local Realtors and owners! That should eliminate the scam factor. There is a little difference between rent to own and a lease purchase. The rent to own programs are usually for those with some credit issues, but those issues can be corrected within a year or two. Now there are two versions of the lease purchase. There is a lease purchase where you're obligated to purchase wby a date certain and there's a lease with option to purchase. With the latter you don't have to purchase, again within a date certain. The lease purchase and lease with option usually require more up front money, which is applied towards the purchase price. With all three, a portion of the monthly rent may be applied towards the purchase price. No matter which one you go with, the rental/lease agreement should have the purchase contract attached as part of the agreement. Why? This will

specify the actual terms of purchase including price and other applicable purchase conditions.

realtor.sailor

2

First of all, you political stance blinds you from the truth.

I am a landlord and have offered tenants in the past a rent to own option. If you rent a place you would be interested in buying I would ask the landlord if he is interested. I have offered a 100% refund of one year rent at closing to the buyer. This can be set up in a one year lease, with a pre determined price. I feel this type contract can be mutually beneficial.

i purchase & sell lined a brilliant form of this, i will upload some suggestions. there are a lot of horror thoughts to bypass around touching directly to RTO. between the extra heinous ones i'm conscious approximately is going like this: Couple enters RTO settlement, a down fee grow to be made, area of the money are to be utilized to down fee so on the top of the settlement, the couple can get carry of a 20% prevalent loan. Landlord seems slightly choosy after awhile, doing month-to-month homestead inspections and such. yet tenants stick it out, holding the valuables, making well timed money and ignoring landlords antics. A tree branch is rubbing on the roof, tenant trims the dep. it quite is rubbing. Landlord consists of the homestead for his month-to-month inspection, whips out the settlement mentioning that no landscaping could be altered without his consent and starts the eviction, protecting their downpayment and dowmpayment contributions. Later, it extremely is got here upon it is the owner's MO, he obligates his RTO tenants to an virtually impossible settlement, keeps their money, and unearths somebody else to RTO, starts the approach back. So, have an lawyer evaluate the settlement earlier you sign, make optimistic it extremely is a sensible settlement to be held to.

talk with a real estate professional.