Learn how rent to own works, browse our rent to own homes and lease to own homes listings for free.
The concept of rent to own homes is advantage for real estate investors who are looking to buy or sell a house. The real estate seller is freed from searching vigorously for the potential buyer. It is advantageous for the tenant if the property is located in an area where the property prices are appreciating at a fast pace.
Rent to own homes is a good option for real estate investors who are looking to buy or sell a property. Sellers need not worry about selling the property right away if no buyer is available for immediate purchase. It gives advantages for the real estate investor to get rent as well as sale at a predetermined time. The duration of rent to own a home agreement is generally two to three years. It is also beneficial for persons looking to buy a house conveniently at a later date. It is mainly advantages for buyers, who do not have sound credit. Online websites that offer a free list of rent to own homes are useful for listing and searching for such homes.
The real estate seller and the buyer enter into an accord, in which the buyer agrees to buy the house at today’s rate at a predetermined date. Such accords are to be registered at a local registration office, as they are legally valid. A real estate seller needs to check for genuineness of the buyer for especially because he will not be paying the whole amount right away. He should only consider buyers who seem to be serious about buying the rent to own houses at a later date.
Part of the rent paid by the tenant is adjusted towards the cost of the rent to own houses. This amount usually is in the range of 5% to 25% of the rent paid. Once the accord is signed between the buyer and the real estate owner, both the parties are legally responsible to obey legal rules with regard to the purchase/sale of such rent to own homes.
The tenant, who signed the rent to own houses agreement, has the right to buy the house. The homeowner does not have the right to sell the house to another person without the written consent of the tenant. Similarly the tenant is obligated to buy the house within the specified period. Otherwise, the tenant would lose the entire amount paid so far towards buying the house. The tenant, who is under the legal restriction of rent to own houses accord, is not allowed to transfer the accord to another person without the written consent of the real estate owner. It means that the rent to own houses accord protects both the owner and the tenant.
Google search would bring a free list of rent to own homes in your city. The real estate industry involves lot of fraud. Make sure to get the genuine real estate buyer or seller when you choose to deal with rent to own houses.