Or Lease To Own
Description
How to fill out Oregon Residential Rental Lease Application?
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FAQ
In a rent-to-own agreement, you lease a home for a set amount of time before buying it. The process can be a way for people with limited savings to buy homes because the agreement builds in opportunities to save for a down payment.
In general, lease-to-own refers to methods by which a lease contract provides for the tenant to eventually purchase the property. One common lease-to-own strategy is to include an ?option to purchase? provision in the lease.
Pros of a rent-to-own home You don't have to wait for improved finances. ... You can build equity. ... You don't have to buy the house if you don't want to. ... You can lock in the house price. ... You might lose money. ... You might have to pay more fees. ... You might have to purchase the house. ... You aren't guaranteed financing.
The Cons of Rent-to-Own Higher chance of losing money: If you decide not to buy the property after signing a lease-purchase agreement, then you may lose money. ... Missed payments can void your agreement: Failing to pay rent can result in the whole agreement being voided by the seller.