Conversely, if you decide not to buy the house – or are unable to secure financing by the end of the lease term – the option expires and you move out of the home, just as if you were renting any other property. You’ll likely forfeit any money paid up to that point, including the option money and any rent credit earned, but you won’t be under any obligation to continue renting or to buy the home.
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A lease option is a contract between the potential tenant and the seller that specifies the agreement to rent the property for a set amount of time and it comes with a right to refuse option that gives the potential buyer a way out at the end of the contract's termination date. It should include how much the rent is, when it is due, fees, penalties, security deposit amounts, pets, smoking requirements, parking, maintenance responsibilities, and utilities. The main difference between a traditional lease and a rent-to-own lease is deciding who will pay for upkeep and maintenance. In a traditional lease, a landlord would take care of all of these things. With RTO, the tenant might be responsible. It should also clearly specify that any rent credits or any amount of money that the tenant has had set in escrow becomes forfeit if they choose not to purchase the home. This releases them from their obligation to purchase the property, and the seller is responsible for finding a new tenant.

Largest Employers and Industries Like many American cities, North Las Vegas has a business sector that was initially dominated by industry and manufacturing. These days residents are enjoying the fruits of a rapidly diversifying economy. Even more encouraging, the fields that this community is seeing the most growth in--technology and green energy--are going to be viable for a long time to come. In short, the city's clearly changing for the better on the economic front.
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One drawback of the rent-to-own selling option is that you might want to sell your house or condo sooner, and if your contract or lease doesn’t allow for you to do so, you could be locked into the terms you agree to with your tenant/buyer. Consult your attorney on how to make this sale provision of your contract negotiable if you need this flexibility.
Consumer advocates and plaintiffs testifying in legal proceedings have at times alleged that rent-to-own stores routinely repossess merchandise when a consumer is close to acquiring ownership.[31] At the time of a 2000 FTC survey, individuals who engaged in rent-to-own transactions reported a “low incidence of late-term repossessions,” which the FTC suggested might be due to the reinstatement rights mandated in most states,[1] as these rights allow consumers to reinstate this type of contract after repossession.[32]
The option fee likely will cost between 1% and 5% of the purchase price. Tenants also can expect their rent to add up to slightly more than the market rate during the lease. Usually all or part of the option fee will be set aside as a down payment. While the home is being rented, the landlord retains ownership but often requires the tenant to assume maintenance responsibilities.
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First and foremost, while these agreements tend to favor the landlord, they are not foolproof. A landlord truly hoping to sell risks a tenant walking away from the property at the end of the contract period, and thus having to put the property on the market all over again. Landlords often find themselves in hot water if tenants were responsible for repairs and maintenance, but then walk away from the deal without taking those duties seriously. Finally, landlords risk agreeing to sell the property for a set price, only to see the home appreciate in value during the contract period.
Rent-to-own agreements are based on a weekly or monthly rental term. In the structure of this type of transaction, the consumer (lessee) - at the end of each week or month - can choose either to renew the lease on a weekly or monthly basis by making renewal payments, or to terminate the agreement with no further obligation by returning the tangible property.[8] Though not obligated to do so, the consumer can choose to continue making interval payments on the merchandise for a pre-specified period of time, at which point they would own the good outright.[9] An alternative purchase option is commonly provisioned for, allowing the consumer to pay off the remaining balance on the agreement at any point in time in order to obtain permanent ownership.[10]
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Example: Jane falls in love with a lovely cottage in her desired neighborhood and is eager to buy it. However, she hasn’t saved any money for a down payment and is worried that her bad credit won’t allow her to get a home loan. The owner of the cottage offers to let Jane rent to own the property. Jane agrees to pay a monthly base rental of $1,500 plus an added $500 to go towards a down payment. The rent to own contract specifies that Jane can purchase the cottage in 36 months for $90,000.  
During the 1980s and 1990s, “rent-to-own” homes were relatively popular. The notion that renters could take a home for a test drive before purchasing it lured in many prospective homeowners. It was a great option for people who lacked the credit score or down payment to buy a home; and it allowed renters to dip their toes into the concept of homeownership before taking final plunge.
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When you decide that rent-to-own is the right choice for you, you'll have to start looking for places that list RTO homes for sale. It might seem like a difficult thing to find at first, but several websites list them. One thing to note about these types of sites is some of them charge a fee to view information. Be sure to use a credit card rather than a debit card so you can more easliy dispute charges if you keep getting charged after you stopped using the service and contacted the company to cancel any ongoing subscriptions. It is hard to point out gotchas to specific websites while publishing an article like this because businesses can be bought & sold, and new owners may be more aggressive with monetizing customers than the old owner was.

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High-cost markets are not the obvious place you'll find rent-to-own properties, which is what makes Verbhouse unusual. But all potential rent-to-own home buyers would benefit from trying to write its consumer-centric features into rent-to-own contracts: The option fee and a portion of each rent payment buy down the purchase price dollar-for-dollar, the rent and purchase price are locked in for up to five years, and participants can build equity and capture market appreciation, even if they decide not to buy. According to Scholtz, participants can “cash out” at the fair market value: Verbhouse sells the home and the participant keeps the market appreciation plus any equity they’ve accumulated through rent “buy-down” payments. 

HousingList provides buyers with a full database of rent-to-own, HUD Homes, and Foreclosure real estate in their area. Visit our library to learn more about what a rent-to-own home is, how to rent-to-own, and other common questions buyers have asked over the years. We work hard to keep this area updated with all the information you will need throughout the entire rent-to-own process. You can also get up-to-date news, tips and more on our blog.


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This will ensure that you are not getting into a contract to purchase a home that you can’t afford. It’s important to give yourself a decent head start on the mortgage loan application process to see where you stand, as well as give yourself time to repair and/or fix any credit-related issues that might prevent you from obtaining a home loan. That’s because you need to be ready with an approved mortgage loan on the date specified in the rent-to-own contract.
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The biggest con of rent-to-own for a seller is that if a willing buyer showed up on your doorstep offering full price (or more) for your home, you would have to refuse — your tenant’s lease option gives them that right exclusively during the contract term. If you lock in a purchase price initially (the most likely scenario), you may leave money on the table over a traditional sale if your home’s value climbs dramatically.
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The primary benefit is the ability to live in your future home while you make payments toward a down payment. If all goes well, you get to enjoy living in your new home before buying it. It’s often possible to negotiate with your landlord over such things as painting the walls and owning pets to a more prominent degree than you may be able to in a standard rental agreement.


Rent. While the potential buyer is living in the home during the set term, they are paying rent. A percentage of the rent will typically go toward the purchase price, and this is called a rent credit. It is vital rent is paid on time or else the buyer may not get rental credit & may be assigned a fine. To understand how rental credit works, let us consider a $225,000 RTO property with a 3% option consideration. This will give you a $6,750 option consideration that can be credited toward the purchase price. The rent payments are $1,550 each month with $300 earmarked as a rent credit. The RTO term is 24 months until you have to purchase the home. If you take all of these things into consideration, you get:

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When it comes to deposits, rent-to-own and traditional mortgage loans operate very differently. Generally a traditional mortgage transaction would involve a buyer giving the seller an Earnest Money Deposit that the buyer gets credited back to them upon closing on the purchase. In rent-to-own transactions, the deposit is generally more, and is given upfront or occasionally on the one-year anniversary of the rent-to-own contract. Rent-to-own deposits are often credited back to the buyer when they purchase the home by using a traditional mortgage loan, or more rarely a cash purchase.

However, for some owners, a rent-to-own contract can be a great option. This tends to be the case when an owner is relocating from a cool market and wants to buy in a new market, but they cannot afford to carry two mortgages at once. Renting the home they’re trying to sell will help to offset their debt-to-income ratio and make it more likely that the sellers will qualify for a mortgage on a new home once they relocate.
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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;[17] 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.[18] 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.[18][19][20] New Jersey and Minnesota concluded it was a credit sale based upon those states’ credit laws.[21][22][23] A federal district court in Wisconsin also found the transaction to be a credit sale under Wisconsin state law.[24]
Renting to own is one of the best ways to get into your own house. A rent to own agreement means you don't need a large deposit to secure a home - your regular rent includes a portion that progressively turns into a downpayment. This means you can skip costly mortgage insurance while getting to know your neighbourhood. The whole process also builds on your history of savings and payments, improving your credit rating and your chances of later qualifying for a conventional mortgage.
Transportation and CommutesLas Vegas has a lot of options for transportation, both public and private. RTC is one such public system that offers a bus service throughout the main city and other suburban areas in the valley. For a quick commute to the Strip from Downtown, or to reach the Convention Center or Town Square, a transit link exists called the Strip & Downtown Express. As you may expect, this service includes few stops, and is intended to ease congestion on the major traffic routes between the city's major hubs of activity. For drivers commuting into the city from outlying areas, two major interstates -- 15 and 515 -- cross over into downtown Las Vegas, making the city easily commutable. In addition, taxis are readily available for easy trips, and the city has a walkability rating that puts it at number 25 on the USA's most walkable cities.
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