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Meanwhile, banks have all but stopped underwriting home loans for less than $100,000. New banking regulations require significantly more time and paperwork, so these smaller loans tend to not be profitable for most banks nowadays. Rent-to-own homes tend to be most common in weak market areas where borrowers would need these smaller loans. Basically, rent-to-own provides an alternative for people who can’t make their way through today’s new banking system for one reason or another.
Quiet Enjoyment – This is our favorite real estate legal term and refers to your rights as a buyer/tenant. This means if you pay on time and we don’t get complaints from the HOA or neighbors, you will never hear or see us again. We do occasionally drive by a property on our normal rounds throughout the city but won’t be knocking on your door unless we see something obviously wrong.
Option Consideration. With these types of contracts, the potential buyer may have to pay the seller a one-time deposit. This deposit is called an option consideration or option money, and it usually isn't refundable. This deposit gives the potential buyer a right to purchase the property, and not an obligation. The size of the option consideration isn't set, and it can be negotiated by the buyer and seller. Traditionally, it is between 2% and 7.5% with 3% being a popular option of the purchase price. You may also negotiate to have the consideration price onto the purchase price when you close the deal and buy the property.
There is an alternative, however: a rent-to-own agreement, in which you rent a home for a certain amount of time, with the option to buy it before the lease expires. Rent-to-own agreements consist of two parts: a standard lease agreement and an option to buy. Here’s a rundown of what to watch for and how the rent-to-own process works. It's more complicated than renting and you'll need to take extra precautions to protect your interests. Doing so will help you figure out whether the deal is a good choice if you're looking to buy a home.
Repairs. Repairs and maintenance responsibility should also be clearly outlined. Usually, the seller will take care of them until the tenant officially purchases the house. However, they can ask the tenant to cover them, and with an RTO contract, they usually do. Have the home inspected to be sure no major repairs are needed before signing to agree to be responsible for them.
If the home value appreciates from your agreed purchase price, you have immediate equity when you purchase the home. For example, if your purchase price is $180,000 today and the home is appraised at $200,000 in two years when you exercise your option to buy, you have $20,000 of built-up equity. And that’s on top of your upfront option fee and the rent credit you’ve accumulated that go toward your purchase price.
Unfortunately, Rent to Own is an option that has been tainted by a few companies with a poor reputation in the housing industry for taking nonrefundable deposits from tenants who clearly won’t ever be able to qualify for a mortgage or afford the home they’re hoping to buy. Buying a house is an emotional experience. You can fall in love with a home and ignore the numbers. You need to advocate for yourself and make sure you can afford home ownership and qualify for financing when your lease runs out.
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As of 2011, no U.S. federal consumer protection law specifically addresses rent-to-own transactions, but through litigation, efforts have been made in attempt to bring rent-to-own agreements under the definition of “credit sale” in the Truth in Lending Act. However, courts have not, as of 2011, ruled in favor of making this change at a federal level. In 2006, the United States Department of Defense labeled rent-to-own a predatory lending practice, defining it as an “unfair or abusive loan or credit sale transaction or collection practice,” along with payday loans, title loans, refund anticipation loans and other similar practices. In 2007, the United States Government Accountability Office raised concerns with the methodology and structure of this research. Later in the same year, the Department of Defense ultimately concluded that rent-to-own was not a form of credit and excluded it from its regulation on predatory lending practices.
Visitors often say that what happens in Vegas stays in Vegas, but residents of the city prefer to remember the time they spend in Las Vegas. Non-residents automatically think about the Las Vegas Strip when the city is mentioned, but there’s more to this community than the line of casinos and hotels found on Las Vegas Boulevard. While visitors may flock to downtown Las Vegas for the Fremont Street Experience, there are many who make the city their home because they see the beauty of the city beyond gambling, shopping and last-minute weddings.