Home Rent to Own | Power of Sale/Foreclosure | Credit Management Enhance Your Knowledge On Rent To Own Programs | Page 6

RENT TO OWN CONDOS:
HOW TO GET YOUR
DREAM HOME NOW
Under a rent to own agreement, potential buyers get to move in the condo right away,
which means you can start living in your dream home for an affordable price. It is vital
that for the next years, the buyer works on improving credit scores and starts saving to
ensure everything goes smoothly. Negotiations and clear terms should also be a focus
when looking to renting to own a condo. Each contract is different and the two involved
parties decide how the price of the condo should be calculated under common
agreement. Because most sellers are looking to cover themselves in case the market
will continue to experience turbulences, they might overvalue the property and set a
higher price. However, this is not uncommon as long as the difference is within limits.
The contract’s terms and conditions also need to clearly state what the responsibilities
and duties are from both sides. Leaving room for interpretation or imprecise claims can
turn into financial disasters and ruin it for both the seller and the buyer. Take for
instance if you miss payments you risk not being able to purchase the condo when the
contract ends and depending on the seller, you may even lose the money you’ve put
towards the down payment or even worse, you risk for the property to be foreclosed
and you forced to move.