To set up a rent-to-own contract, a person needs to find an agent to help with the contract, set a realistic selling price and set a time frame for the purchase. The rental rate should also be at a price that the renter cannot only afford, but can also afford to save money for purchasing the home or condo.
Pick a real estate agent with great referrals, licensing and experience, recommends Dana Dratch from Bankrate. Also look for an agent who specializes in representing your interests, that is, the buyer if you are looking to purchase a home and the seller if you want to sell your home, says CNN Money.Full Answer >
A person can find a property's legal description by checking the deed to the property. The deed can be a physical copy or most areas have copies of the deed available for review online. Many of the real estate companies and online listing sites offer access or obtainable copies of this information also.Full Answer >
With a rent-to-own home, a renter pays a specific amount of money every month while living in the home, and at the end of a specified period, he can buy the home if he desires. A portion of every monthly payment goes toward the down payment on the house.Full Answer >
Prorating rent involves calculating how much rent is due in a partial rental period by multiplying the number of rental days in the partial period by the daily rental amount. This is generally done to aid in renting a property between established rental periods.Full Answer >