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A rent to own contract is an agreement between a home seller and a home buyer to transfer the ownership of the home over a period of time.
Normally the buyer puts down an non-refundable deposit that is used as a portion of the down payment and makes monthly payments for one, two or three years in order to obtain financing.
The buyer then prepares to obtain the appropriate financing before the end of the contract term. If the buyer is unable to do so, the deposit is fortified to the seller.
These contracts help those with challenged credit get into a home without the need for a traditional loan.
Please check out this blog http://renttoowndeals4u.com/blog.htm. They have great articles on the process and the pitfalls.
Rent to own means that all the payments you make to your landlord go towards paying off the house. If you rent long enough, the house will be paid off and they will make you the owner.
It means to own something but you have to keep paying in debt.
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Do you have to put a deposit down and rent to own home at the beginning when buying a home?
There are lease to own options. Normaly home buyers are buyers from the begining.
What are executory contracts and unexpired leases Schedule G-Ch7 Does this include your rental lease for where you live Or is it something else?
== == I normally list all of the following types of contracts and leases on Schedule G: Residential leases (like a rental lease for where the debtor lives, EVEN IF it is only a verbal month-to-month arrangement), cell phone contracts, lot rent agreements, land purchase/sale contracts, home owners association contracts, pager contracts, auto leases, rent-to-own contracts, realtor listing agreements, internet contracts, etc. Also, I always list for EACH contract whether the debtor intends to HONOR & ASSUME the contract, or REJECT the contract. I always put each REJECTED contract on Schedule F as well to be sure the liability on the rejected contract is discharged. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Is a rent to own home usually costlier than just renting or buying?
Renting to own items, or even a home, make a huge profit for the renting conpany. This means that you are paying far more for them than if you purchased them outright.
Can a landlord raise the renting price after the deposit has been paid?
Unless you are in a controlled rent area they can raise the rent. Most of the rental contracts state that, so look in the fine print of your lease.
Are there grants available for rent to own ho mes?
I've never seen a grant available for rent to own homes. I do know that http://www.FoxyHomes.com has a lot of homes for rent to own though. They start out at only $1000 down which should be "doable" for almost everyones budget. Hope it helps. good luck.
What are the risks of a rent to own home?
One thing is that you often have to pay the upfront option fee still. You also have to pay on time, every time, and if you are just a day late on your rent, most contracts void the rent agreement for the month.
Where can I find good rent to own home in boston?
one place to look is www.irenttoown.com/rent-to-own-boston-rent-to-own-homes
What exactly is a rent to own home and how can you become eligible?
A Rent to Own home is a home where you pay rent each month and eventually you have paid off the home and will own it. To become eligible, contact your local realtor who can arrange to provide you more information.
Is it better to rent or own a home and why?
Can I rent to own a home In Miami, Florida, as I am working, but have no down payment. Willing to pay $1,000 monthly who can help me
What kind of lease is generally required with a rent to own home?
You will need a long term lease that lasts about 5 yeras with a rent to own home.
Who is responable for the upkeep on a home when it is a rent to own home?
Once the rent to own contract is in force then you are responsible for all home maintenance, unless other arrangements were spelled out in the contract. When you enter a rent to own agreement you will need to have cash reserves similar to a new home owner to cover unexpected expenses. Mortgage firms and banks are responsible for the upkeep on a home when it is a rent to own home. You can read more about it at www.mortgageloanplace.com
How easy is it to find a rent-to-own home?
Rent to own homes persist in every local city and suburbs.
Where can I find a rent to own home in miami?
For a list of rent to own homes in Miama FL you can visit www.irentoown.com.
Where can I find a rent to own home in Dallas, Texas?
There are several online listing for rent to own homes in dallas. Local realtor companies will also offer rent to own homes or mortgage plans that can fit a rentors budget so they can own the home.
Can you file bankruptcy on a rent to own home in Pennsylvania?
Yes you can file bankruptcy. However the "rent to own home" is not owed by you and is still owned by the "landlord". You can continue with the "rent to own" or walk away. Bankruptcy is an entitlement to citizens for debt relief
What is dwellers insurance?
insurance on a home you own and rent out
Are rent to own homes a good way to purchase a home?
If you're not able to qualify for a traditional loan. Purchasing a home on rent to own may be a good option.
