Home Selling in 19149>Question Details

Yvette Johns…, Home Owner in Philadelphia, PA

Renting to own, are there there fees involved?

Asked by Yvette Johnson, Philadelphia, PA Tue Aug 30, 2011

I'm thinking of placing my property as rent to own since I'm having a hard time selling. Are there upfront fees that need to be paid to my realtor if he handles this? I'm being told it would be the same as a rental, meaning I would need to pay a broker fee of one month's rent. Is that true?

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The only answer to this is: Depends on your contract. If you decide to do a rent to own contract you need to ammend your listing agreement to include these services. In addition you need to specify how or IF you will be responsible to pay your listing/leasing agent for this. You should specify how much and at which point they get paid. These things are negotiable.. but it takes effect when its in a contract and agreed to, so there are no general right/wrong rules. Hope that helps!
0 votes Thank Flag Link Tue Aug 30, 2011
Yes. You will need to pay your Realtor the fee you negotiated to rent your home, typically a 1 months fee. You will also need to pay a commission when ownership changes.
0 votes Thank Flag Link Tue Aug 30, 2011
Yes, that is generally how it works. Your Realtor is still going to be responsible for finding a suitable renter, putting together a lease / contract, etc. so that is why there is still a fee. There is also the extra part of adding into the contract the circumstances surrounding the rent to own option that isn't part of a regular rental agreement. Good luck!
0 votes Thank Flag Link Tue Aug 30, 2011
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