Rent to own house can be an excellent choice most especially for those who found their dream home and place but unfortunately, don't have the money to pay for it. How you can therefore get into a rent to own contract; a question that a number of people are asking.
As for the terms of rent to own house, the seller will set how the agreement goes but most likely, both the renter and property owner will be signing a contract that the renter will be renting the property for 1 to 3 years and on those period, the renter will be paying above the market rent with the excess rent be credited to down payment as contract ends.
Rent to own deal do offers the chance for prospective buyers settle in a house they want to buy while being able to save enough for down payment, improve their credit rating or even wait for negative reports on their credit history to be forgotten. Normally, home sellers are offering rent to own homes in Ogden Utah contract in case that their house is not selling that fast and they are eager to move out.
There are plenty of things that ought to be given attention to and for that, the seller and the homebuyer needs to consider contacting a real estate lawyer to check their contract. For the lease agreement terms, make sure that it included the length of lease period, amount of the rent to own utah, who will be responsible for paying the property taxes, homeowner and insurance fees during lease period and also, you need to clarify who will pay for maintenance, repairs and utilities during lease period, rent credit for the down payment and to how it is held until time of purchase, both parties must agree to write what would happen to the credit if ever the renter has opted out buying at the end of their contract and the likes.
For renters, you have to weigh in the options of your rent to own house contract compared to renting a less expensive home and be able to save money for the down payment. Needless to say, if you have dibs on the house and wanted to buy it, you will probably go for rent to own contract even if this will cost you more.To get more ideas about rent to own houses, check out http://www.britannica.com/topic/real-estate-agent.
You have got to take enough time reading and understanding the contract because by the time the title is transferred to you, it is you who will be in charge for anything happens to it. It's therefore a great idea to call a home inspector to do inspection of the property before buying it.