First Steps to Buying a Rent To Own Home

This type of real estate deal entails an agreement to rent a property with the option to purchase it at a predetermined date and price. Under some structures a portion of the rent paid during the lease period can be applied to the purchase price. Also, during the lease period, the purchaser/lessee can use that time to save for a larger down payment or fix personal credit issues. As a third incentive, the purchaser/lessee can move into the property, get to know it thoroughly, get to know the neighborhood, and either complete the purchase or walk away from it, if the property turns out to not be suitable for him. For the seller, the rent to own option adds value to the sale of the property and broadens the market for potential buyers.

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Things to consider when structuring a Rent to Own agreement:

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• The Rent to Own structure consists of two parts, a lease agreement on the property along with the option to purchase it at some time in the future.
• The Rent to Own agreement should spell out the amount of rent to be paid during the lease period, the term of the lease, the amount of rent, the option price at the end of the lease, and how much of the rent, if any, will be applied to the purchase price upon the final purchase.
• You should have the property appraised by a professional appraiser. You should have all the customary inspections. Even though you will be living in the property for a while prior to purchasing it, you still need a professional to check for insect infestations, the condition of the roof, electrical and mechanical systems, mold, and other environmental issues.
• You will want to have a title agency or real estate attorney check the title for you prior to closing on the purchase. Properties on which title cannot be insured on account of liens or easements or other issues are to be avoided.
• Be clear in the Rent to Own Agreement as to who is responsible for maintenance and repairs to the property during the lease period. Should you take on that responsibility, be specific as to what adjustments to the final purchase price will be made in consideration of those improvements or repairs.
• If you need to finance the purchase at the end of the lease period have your financing lined up. Contact your bank or lender at least sixty days prior to the anticipated closing date so that you will be ready to close on the property at the allotted time.

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The Rent to Own agreement has many benefits for a real estate purchaser. If structured correctly it locks in today’s price for a future date. It allows the purchaser/lessee the opportunity to live in the property and get to know it and the surrounding neighborhood before actually taking title. This lease period also gives the purchaser time to improve their credit or save additional funds that can be applied toward the purchase price.