rental in the area. In this market I would recommend that you talk to a lender and see if you don't
qualify for a mortgage. If you have had bankruptcy in the past there are lenders who will now
work with this. Rent to own are tricky.....at the least hire an Attorney to review any documents you
may be given by the seller to sign. Best of luck!
Sally is right on with her advice. If you do not qualify for a mortgage today, will you be able to qualify in 12 or 24 months when your option to buy comes due? If you fail to exercise your option, your deposit will not be refunded. The lease agreement and the option agreement should be separate agreements. The option to buy should be recorded. The terms of each should stated, i.e, the lease states the term and rental payment; the option terms, the purchase price, cancellation, maintenance and repairs, homeowners insurance, etc. If you do not understand the agreements, I would advise you to seek the advice of a real estate attorney.
It is similar to renting, but the rent is higher than normal. There is an additional non-refundable deposit. Once purchased, the non-refundable deposit and a portion of your rent is devoted toward the purchase. If you choose not to continue with the purchase, the non-refundable deposit and the high rent is gone.
Realty One Group
We are in a very healthy seller's market in most parts of the country. Sellers CAN and WILL sell to normal buyers who can qualify for a traditional mortgage.
I assume you're asking about this because you have credit issues and cannot qualify? I suggest you take the extra money you were planning on putting into a rent to own payment, and pay down, or pay off your DEBTS! Then save, save, save!
Good luck to you.