RentToOwn-HouseFinder.com
Waht is rent to own option?
My father sold a home under rent to own to a person. They pay us every month for 30 yrs. I am not familiar with this? What is important to know about this? I am handling my parents finances now and I want to make sure I am doing the right thing?
Public Comments
- It means that you have both a lease and an option to buy a property. The rent is high enough to cover ordinary rent plus an amount large enough so that after a certain time (usually 5 years), you have enough for a down payment on a land contract or mortgage financing. If at any time during that period, you default on the payments you lose your lease and your option and your money.. You must exercise you option rights before the expiration of the option. Consult an attorney before signing such a contract.
- money in the bank!
