What is Rent To Own? RTO is simply deferred ownership. Terms of deferred ownership could range from 1 month to 60 months. There are several types of rent to own. Most commonly used for rent to own homes, condos, investment houses and other personal items such as cars, boats, rent to own furniture.
Why do you want to rent to own? People with poor credit, lack of income, saving up for down payment are the ideal candidates. Most of the time rent to own is a great program for first time home buyers.
What is the difference between rent to own and lease – option? With rent to own terms are defined for a specified time for fulfillment with equal monthly payments, upon completion of time period the title is transferred. This is simply created with a sales and rental contract. With lease – options the buyer is not obligated to buy at the end of the term.
What is the benefit for the seller to use RTO? This is a common way for the seller to quickly sell their home or property as more people are able to rent to own than buy outright.
Is rent to own more expensive than lease – option? Rental normally requires one month’s rent and one month’s deposit while lease – option to own would require 1 to 10 percent down, which is non-refundable and is usually more expensive. This option makes it easier to own rather than lease – own to buy. Rental properties usually are maintained by the potential buyer.
In hard economic times, most banks are not easily lending. This creates rent to own opportunities for buyers and sellers for rent to own homes, rent to own condos, rent to own investment houses and other personal items such as rent to own cars, rent to own boats, rent to own furniture. Find out more at What is Rent to Own? for more news and articles.
Question by igenterprises@verizon.net: Can a person purchase a rent to own property if in bankruptcy ?
If a person is in bankruptcy can they enter into a rent to own or lease purchase agreement on another property?
Best answer:
Answer by cowboydoc Legally “NO” you cannot purchase another property while in bankruptcy, you’ll void the legalities of the bankruptcy.
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Question by Carlie: is there a difference in rent to own and lease to purchase on a home?
In July our lease is up, we want to move into a home. Our credit isnt the best and we wont be approved for FHA until Sept. So we are thinking about rent to own or lease to purchase but is there a difference in the two? and is it a good idea?
Best answer:
Answer by Mary No, there is no difference between those two terms, however, it could be risky. If something happens between now and when you are scheduled to purchase the property, such as property values decline or you get transferred to another job, you may be under an obligation to purchase the property anyway.
An option to buy, known as a “lease-option” is a bit safer. Essentially, you are a renter, but put a deposit towards purchasing the home. At the end of your lease, you have the option to purchase the home for a pre-negotiated price. If you choose not to buy it, you can walk away.
Question by brooke: I have a rent to own contract that has been breached,the person renting to own rented the house to someone els?
I have a rent to own contract with a man who has breached the contract by not paying taxes on the property.He has left the state and rented my home to a person i dont know or care to know.I want to evict her.Am i legaly able to go thru an eviction,and sue her for trespassing since i have already asked her to leave on more than one occasion.
Best answer:
Answer by My Take on It Why would your tenant be responsible for taxes?
Usually in a rent to own situation, the tenant buyer does NOT pay the taxes. That is still on you, as is insurance.
Are lease options or rent to owns even legal in your state? Did you have a separate purchase agreement and lease or rent agreement with this deal? Did you have an attorney look over everything?
Since the tenant that is in there is not on any contract with you, and I hope your contract with the other guy specifically addressed not being able to assign his lease to someone else, you need to give this person a written 30 day notice to vacate. If they do not leave, you need to go to court and evict. You cannot change the locks or turn off utilities etc.
If you had a real estate attorney when you entered into the contract with the guy who took off, I would consult him on this.
Question by jana07: What program can help me find a house for rent or own?
I’m a single, no kids, 30yr old woman. I’d like to look into renting, rent to own or even buying a home. But I dont make a lot of money. I looked into the San Antonio Housing Authority, but have no clue what I’m looking for. Does anyone know where I can begin looking? SERIOUS ANSWERS ONLY. thank you to those who do help.
Best answer:
Answer by rtfm If you’re looking for a place to live, try going to a real estate agent in your local area. Most of them handle rentals as well as sales, or will be able to refer you to an agent who does.
Know better? Leave your own answer in the comments!
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Question by problemC++: where can I find a rent to own in santa clara county?
How can I go about finding homes, mobil homes or modular home for rent to own in Santa Clara county?
Best answer:
Answer by Trillian You can go to www.forrent.com and you’ll see a lot of places for rent in santa clara county.
Question by the1lioness1queen: I need advice on the rent to own program?
Any one have advice on the rent to own program. For obtaining a home in california.
Maybe I should of been more specific. I just want some advice on what I should look out for in this type of program. I know that some times this type of program is good for people with bad credit. But if you have good credit, but no money for an out rageous down payment. What should I be on the look out for?
Best answer:
Answer by MontanaAshli I’m not sure what your asking, Are you asking what Rent To Own is? If your on a Rent To Own program for a house, it means your making monthly payments, like rent, but you are putting money towards owning the home.