Rent to own or lease option to purchase what ever you want to call it is a valid purchasing technique. This is an option that can benefit the seller and the buyer equally.
For example if you have a home that you want to sell and the present tenant would like to purchase it you may check into the option to lease purchase. This is a lease for a fixed period of time with an option to purchase the property on a future date usually within three years. The advantage to this is the seller gets to collect his rent over the entire period of this time and the buyer will have the option to purchase on the agreed upon date. The tenant has the right but not the obligation to purchase the property. According to what financial arrangements have been made the tenant may have to forfeit some of the funds paid into the escrow account. This is an option that can both benefit the buyer and the seller but you should see a qualified real estate attorney to draw the necessary papers so both parties will be protected.
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Monday, December 5, 2011
Rent To Own
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