Rentals in Jackson Heights>Question Details

Bula149, Renter in East Elmhurst, NY

what does mean rent to won house?

Asked by Bula149, East Elmhurst, NY Mon May 13, 2013

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This question was asked from this property: http://www.trulia.com/rental/3114645149-2353-83rd-St-East-El…

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When you rent to own a part of your mortgage payment goes towards the down payment and you build that up and agree upon a date through a contract with the seller as to when you will purchase the property. You typically also agree upon a price and factor in for appreciation.
0 votes Thank Flag Link Tue May 28, 2013
Rent to own is similar to a car lease. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright...
0 votes Thank Flag Link Tue May 14, 2013
Hello Bula,

I assume you mean "rent to own." It means exactly what it says: you rent, and begin to accrue an ownership interest as you pay your rent, month by month.

The lease you sign in this case would differ from the standard rental lease, and also from the standard purchase contract.

Jeff Putterman
Licensed R.E. Salesperson
Beaudoin Realty Group
(718) 505-9220
(917) 204-7802
0 votes Thank Flag Link Tue May 14, 2013
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