Sunday, December 8, 2013

7126 N 19th Ave Condo Unit #213, Phoenix, AZ 85021 ($61,000)

VIEW LINK: http://www.zillow.com/homedetails/7126-N-19th-Ave-UNIT-213-Phoenix-AZ-85021/7778284_zpid/

Lease To Own Property

Real estate:
While rent-to-own transactions are most commonly conducted in the context of consumer goods obtained at a retail store, this type of transaction also describes a specialized real estate agreement. In a rent-to-own real estate agreement, the tenant has the option to purchase the real property at a fixed price within a specific period of time, usually one to three years.[!] As part of the contract, the renter may be required to make a nonrefundable deposit.[!] Occasionally, a portion of the monthly rent paid during the lease period is counted towards the down payment on the property, often in addition to the monthly rent as a monthly premium that may or may not set the rent above the current market rate.[!] If the tenant is unable to exercise the option to buy, the owner is then free to rent or sell the property to another buyer, or to restructure the contract.[!] Rent-to-own real estate contracts typically become more frequently exercised during housing market downturns.

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Sunday, December 8, 2013