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Rent-to-own homes also called an "OPTION TO PURCHASE" provides buyers-tenants and sellers-landlords additional options during questionable times for the market or the individual parties. The general agreement allows for a potential buyer who may not have the capital to buy the house out-right or the credit to get a loan, to pay a deposit up-front, traditional rent, and a rent premium to live in the desired home immediately.
The deposit on a rent-to-own is usually three to five percent of the property price. The traditional rent goes straight to the seller-landlord, as in any other rental agreement. The rent premium acts as a further deposit toward the purchase of the house. Most rent-to-own contracts are fairly short term two to three years is the usual length – and the price of the property is usually established at the contract signing. The buyers-tenants must get approved for a traditional home loan within the time frame from the start of the agreement, or buy the home outright with cash.
For security and planning, both parties establish a property sale price at the beginning of the agreement – or decide to go with the market price at the time of the purchase – and write the sale price into the contract.
Benefits For Buyers-Tenants
Benefits For Sellers-Landlords
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