RentToOwn-HouseFinder.com
Wanting to do a contract of deed or rent to own on a house?
If I was to do a rent to own on the house. Is it as easy as this.. Agree on purchase price.. Pay 500 month rent and then when we are ready to buy(get a loan for the house) deduct what we paid in rent from the total purchase price we agreed on.? If we did this who would be responsible for covering the house insurance??
Public Comments
- No. It is not like that at all. Think about it. The current owner has to make mortgage payments on it right now. They need your rent to make those mortgage payments. They can't apply all that rent to purchase because they spent it to make their payments. They would also be paying the property taxes, the insurance, and fixing things all that time. Also if the value goes up during the time you are renting they may not want to sell at the old price. This arrangement is the one where the most arguments come from because the "buyer" and "seller" rarely both understood things the same as each other. At least one side feels cheated (out of thousands).
- sorry you have it all wrong.please contact your real estate lawyer.
- no that doesnt make sense at all, usually with rent to own you pay rent then a precentage goes to owning the home but definitely not all of it, the home owner would not benefit from it... before you sign anything make sure you contact a realtor, so they can explain everything to you and how it works.. you do not want to sign something that you will regret later..heres a good site with tons of real estate home buying information.. good luck http://www.danagardner.com/PageManager/Default.aspx/PageID=2042833 http://www.danagardner.com
