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Rent to Own |
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I have a question... i am renting a home right now and i want to research about rent to own...
how does that work and what do i have to do with my landlord... they are on board with us in doing this but we need some information...
i would appreciate any help in this matter....
thank you |
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A rent-to-own (land contract, contract for deed) is a sort of installment plan for buying property while you're living in it as a tenant. The exact details must be agreed upon between you and the landlord, depending on your financial situation. Every contract is different. Typically, you make a down payment of perhaps a few thousand dollars, to be credited toward the purchase. Then your rent may be set a bit high, with some of every monthly payment going toward the purchase price. Your contract should state the proposed sale price, and the exact terms of your agreement, including who pays taxes and repairs along the way (usually the landlord.) You should have the right to turn the contract over to another buyer if you need to some time in the future. All of this should be worked out with a lawyer. Perhaps the way to start is for you and the landlord to hire an experienced real estate broker to work out the agreement between you--perhaps paid by the hour. Then a lawyer could put it in shape. It'd be best if each of you had your own lawyer, by the way. |
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Edith
Originally published on July 12, 2007 |
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