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You need to find a Landlord who is willing to set a portion of the rent aside in a bank account for you to use as a downpayment to purchase the home. You also will need to qualify to purchase the home within the timeframe set in the lease or you could lose that extra money that was set aside. Rent with an option to buy is very risky on the part of the tenant as most tenants do not follow through due to their inability to obtain a mortgage.
Your biggest challenge is going to be identifying "lease option" opportunities. Because of the large numbers of people experiencing financial distress, the number of people seeking these opportunities is growing rapidly. To complicate things, this type of sales arrangement is not a common MLS posting.
Sellers that have deceided to go this route normally have had their home on the market for an extended period of time and are motivated to find a buyer through a creative means. Agents that have been working with these individuals often have an understanding of what the seller is willing to consider.
If looking to rent with an option to buy, do protect yourself and consult with an attorney who specializes in real estate beforehand--a clear contract will be needed before moving forward with such an arrangement.
To rent with an option to buy, the prospective buyer could pay option money up front for the seller to take the property off the market. The option money could be applied to the down payment, but would not be returned if the tenant decided not to buy. the tenant should agree to a credit check, and proof that they were qualified to purchase the house. No matter what method is used, an attorney should be consulted to draw up a contract for the lease purchase option. There are a number of answers to this question. This is just one option.
A one year's lease, with option to buy, plus a security deposit of one month's rent. also, will the rent
go towards the purchase price? I have never had this work, because they decide after a year, that they do not want to purchase the house, and they move, but do not give them back the security deposit. A land contract is a good idea. Charlotte w. Stein