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Question by  newuser (49)

What is detailed in a typical rent to own home agreement?

I'd like to consider leasing a home. What is a typical contract like?


Answer by  eyeguy (3760)

Contract should detail, amount of down payment, amount of monthly payment credited toward down payment, whos responsible for yard work, who pays taxes, are improvements allowed such as painting, are appliances included, will financial terms remain the same for the life of the contract?


Answer by  Robin55 (84)

The property details,adress etc,Landlord information such as name and address and the same for the buyer. Term details such as when agreement starts and finishes. Payment details,amount of payment,when due and amount of rent applied to purchase. Who is responsible for property taxes and repairs if needed. Any other details eother the landlord or the renter deem necessary


Answer by  Molae06 (1467)

With a typical contract you will put a certain percentage of the purchase price down (normally twenty percent) and you will make monthly payments for a set number of years (probably around seven years) then the owner will want a balloon payment and that is when you get a bank loan and the title transfers into your name.


Answer by  davidsmith4deltaedu (338)

There are different ways someone can go rent to home. A popular contract is a "land contract". In a land contract the seller provides the financing for the buyer. If the buyer ever decides to get up and leave, the seller has full rights to the property.

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