Property Q&A in Queens>Question Details

Maria Rodrig…, Home Buyer in Bronx, NY

does the rent goes up on this property wend your rent to buy?

Asked by Maria Rodriguez, Bronx, NY Mon Apr 30, 2012

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This question is about this property: http://www.trulia.com/rental/3073332506-Single-Family-Home-Q…

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Answers

3
It depends on the agreement you have with the landlord. Ask the landlord/owner about all the details of the transaction. Also, I would strongly recommend you consult with an attorney before you sign any documents.
0 votes Thank Flag Link Mon Apr 30, 2012
It all depends on your agreement with the owner. There is rent to buy...and lease with option.
The latter means that you are leasing the property for a certain amount of time..and then will have the option to buy. A certain amount of the rent may have been applied to purchase price or closing costs.
With rent to but...you are basically paying off the property. You need to know all the details...how much of the rent will be applied to the purchase price.....consult a real estate attorney.
0 votes Thank Flag Link Mon Apr 30, 2012
Much will depend on your agreement; keep in mind that rent to buy can be risky and one could stand to lose a bit of money, therefore do inform yourself well beforehand, and do consult with an attorney who specializes in real estate for all related documentation.
0 votes Thank Flag Link Mon Apr 30, 2012
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