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Is it a good idea to rent-to-own a home? – Clark Howard – With a rent-to-own property, many times the tenant takes better care of the home because they have a vested interest in its future. Because these sorts of contracts can vary quite a bit based on the parties, what’s listed in the agreement – how long the contract is, who pays what at closing – is crucial to its success.
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Sometimes sellers give the option money to their real estate agent as full payment of commission. Agents aren’t always involved in the exercise of lease options or the fulfillment of lease-purchase agreements, and you’ll probably still need a real estate lawyer even if you’ve retained real estate agent representation. Agents are not lawyers.
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Lease purchase contract – Wikipedia – A Lease-Purchase Contract, also known as a Lease Purchase Agreement, is the heart of rent-to-own properties.It combines elements of a traditional rental agreement with an exclusive right of first refusal option for later purchase on the home. It is a shortened name for Lease with Option to Purchase Contract.
How To Buy Forclosed Homes If you’re looking to buy a foreclosed home, for yourself or to fix and flip, here’s a key tip. Make like a Boy Scout, and be prepared! Thoroughly research the local market, the purchasing.
How Rent-to-own Homes Work | HowStuffWorks – For many, the rent-to-own home may be the best option. Also called a lease-to-own house, the process works similarly to a car lease : Renters pay a certain amount each month to live in the house, and at the end of a set period — generally within three years — they have the option to buy the house.