HomesWest @ blogspot: February 2015

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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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Monday, February 16, 2015

Home Ownership Is Based On Income, Not Credit

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