Read your contract closely and be sure you can handle the terms. The rent-to-own real estate contract should include the home price, the cost of rent, and the deadline for you to exercise your option to buy. It should specify what portion of the rent payment is credited toward the home purchase—or if you need to write two checks each month, for the rent and for the home payment—and under what circumstances the contract can be voided.
Reasons to enter into a lease option include the better use of a buyer's time and money by allowing a renter the time to secure financing, save money, reduce debt and acquire financing. Additionally, since the purchase option price of the home is usually fixed when the lease is signed, another plus in an up market can be when home values increase over the term of the lease while the fixed option price remains constant, a buyer/renter can actually be earning equity while renting. Done properly, a lease option can be quite a good deal for a buyer. On the down side, if the value of the property decreases over the term of the lease the buyer has lost nothing since he can simply walk away at the end of the lease term.
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According to a Federal Trade Commission survey on the rent-to-own industry in the United States conducted in 2000, consumers reported that they chose to engage in rent-to-own transactions for a variety of reasons, including “the lack of a credit check”, “the ability to obtain merchandise they otherwise could not”, and “the convenience and flexibility of the transaction”. The most common reason cited for dissatisfaction within the survey was high prices. In addition, some survey respondents reported poor treatment by employees in connection with late rental payments, problems with repair services, and hidden or added costs.
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The legal controversy surrounding rent-to-own transactions has centered primarily on the question of whether the transaction should be treated as a lease or a credit sale. The industry has contended that the transaction is a lease; while consumer advocacy groups have advocated for the transaction to be treated as a credit sale. As of 2011, forty-seven U.S. states, Guam, Puerto Rico, and the District of Columbia have passed laws characterizing the transaction as a lease. Of the five U.S. state supreme courts that have addressed the question, three (Massachusetts, Arkansas and Maine) concluded that the transaction was a lease. New Jersey and Minnesota concluded it was a credit sale based upon those states’ credit laws. A federal district court in Wisconsin also found the transaction to be a credit sale under Wisconsin state law.
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These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.