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The rent to own buyer will pay an "option fee", which is negotiable and gives the buyer the option to purchase the home at a later time. This fee also prevents the seller from renting the home or selling the property to anyone else. Once the final price is agreed upon and fees are paid, it is at this time that the tenant occupies the home.
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For individuals who can’t obtain a traditional mortgage from a lender but want to own a home in the San Francisco Bay Area, purchasing through a rent-to-own contract can be an attractive option. Also.
In a rent-to-own arrangement, you have to prepare two contracts. One will be the basic lease contract, which, in this case, is referred to as the rent-to-own lease agreement, while the other will be the rent-to-own ‘option to purchase’ agreement. How long the home will be leased will depend on the agreement reached between you and the tenant.
How does rent to own process work? A rent to own house means that the seller has agreed to sell that property for a pre-discussed price after a certain period of time. Paying Rent of a home with the hopes of owning it someday is now possible. A portion of the rent goes towards the purchase of the house at the end of the contract.
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So in this example, not having a rent-to-own option might mean your rent is $1,200. You should always have an attorney look at a rent-to-own contract or lease, because there is no industry standard template for writing rent-to-own contracts or rent-to-own leases.
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How Does Rent-to-Own Work? You pay a deposit plus rent and go toward the seller’s mortgage, and the premiums are your down payment when you buy the home.