5 Simple Steps in the Rent to Own Process

Potential homebuyers are nearly always excited to get into a rent to own contract. Before you start, you need to have an understanding of how the rent to own process really works. Here is a breakdown of the details in 5 steps that are easy to follow.

1. Find a home

Explore homes with a rent to own option, or ask sellers if they would consider it. Read tips in: Can you find a rent to own opportunity at an open house?

2. Negotiate

Once you've found the house you would like to move into and someday purchase, it's time to discuss option fee, monthly rent, rent credit, duration, locked-in price, and terms. Make sure that what works for the seller will work for you

3. Create a contract

This is the legal document that will be defining your unique rent to own process. Make sure to have an attorney or other specialist look over the final documents, and that what you agreed upon during negotiation is thoroughly described.

4. Discover financing options

Research how, when, with whom, and the amount of funding you will be needing. Make certain that you will be able to come up with the money you need when the duration of your rent to own contract is up. Do this before you sign anything. Once you do, you're sin the grasp of the agreement. Just make sure you're ready before you make the final move.

5. Move-in

Sign your contract under the authority of a Notary Public representative whose services fall under your state guidelines, then start moving in!  

Conclusion

Finding a rent to own property is the perfect middle ground for some engaged in the home buying process. When buying a home there is a plethora of creative options for those who may have delicate financial situations. Is rent to own right for you?