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Traditionally, the lower your credit score is, the more likely you are to either get denied for a mortgage or get charged higher interest rates. You want to get the best rates possible because this will reduce the amount you pay back in interest over the life of your mortgage. An RTO contract can help you strengthen your credit by giving you a history of on-time payments. It can also add diversity to your credit history, which can improve your score over time.
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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.
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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Let’s say, for example, that you’re negotiating a Rent to Own on a three-bedroom, two-bathroom single-family home in a neighborhood where similar properties are renting for $1,200. The owner may offer to rent the property to you for $1,600 a month, with $400 as your rent credit. This might be an okay setup, especially if you have trouble saving money for the long term.
In a rent-to-own agreement, you (as the buyer) pay the seller a one-time, usually nonrefundable, upfront fee called the option fee, option money or option consideration. This fee is what gives you the option to buy the house by some date in the future. The option fee is often negotiable, as there’s no standard rate. Still, the fee typically ranges between 2.5% and 7% of the purchase price.

Let’s say, for example, that you’re negotiating a Rent to Own on a three-bedroom, two-bathroom single-family home in a neighborhood where similar properties are renting for $1,200. The owner may offer to rent the property to you for $1,600 a month, with $400 as your rent credit. This might be an okay setup, especially if you have trouble saving money for the long term.
It’s critical to sign an agreement that is in your best short- and long-term interests. The rent-to-own option will cost more than a traditional home rental because there are other costs baked into the monthly amount. The good news is these “other costs” such as the initial option fee and monthly credit will go toward the final purchase price. Nevertheless, a rent-to-own contract should always include the length of the rent-to-own lease agreement (usually anywhere from 12­ to 70 months), the amount of initial option fee (usually 35 percent of final purchase price), the final purchase price at the end of the term, and the amount of the monthly payments that will go toward the purchase price. These figures are all negotiable.
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. The below results are primarily rent to own homes in Clark County, NV:
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