Liane Jamason, REALTOR
Smith & Associates Real Estate
Top 1% of Area Realtors
Rent to owns are scarce and it's renter/buyer beware.
Lease option Two parts a lease / rental agreement. Option is part two provides tenant first right of refusal. Both tenant and Owner will have to be in agreement as to future sale price as of today's market value. Tenant will place a deposit in escrow for the option and both parties sign an agreement.
Contract for Deed the tenant contracts a sale price with the owner. The contract for deed is recorded. You make payments until an agreed amount. The balance might be a balloon amount due on a specific date. Then the deed is yours. If you default the property returns to the Seller.
Many rent to owns require that the tenant be responsible for any and all repairs to the property during occupancy. For example if the air conditioner stops, and needs to be replaced. The tenant is responsible. If the roof leaks the tenant is responsible. If the tenant decides to not exercise the option to buy then the improvements were made to someone else's property.
Rent to owns are popular during a buyer's market. We are in a Seller's market, thus, they will be hard to find.
Brock Realty Inc.
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Bahia Realty Group