RentToOwn-HouseFinder.com

How does a rent to own contract work when buying a house?

Is it the same as a land contract and contract for deed?

Public Comments

1. Be very careful with this type of deal. Make sure that the contract states that it is a transaction of this type because if the owner gets sued or the government comes in, they can take the house and you get nothing. Also make sure that if you are late that the house doesn't automatically revert back to the owner and all you paid is just rent. I had a guy try this when I had tried to buy a house from him. If I was one day late all the money paid was rent and I got nothing at all, the repairs to the house were forfeit. Best advice get an attorney to read it and explain everything to you! It becomes more involved that a contract for land, or other contract because you tend to have more legal ground to stand on. Make sure the seller is putting all or most of your rent towards the property and not that they pocket it all.