Renting a home to buy is a good option for individuals who need more time to buy a property. If consumers choose to rent to own, a part of rent goes toward buying the home they are renting. In order to buy rent to own homes in Baltimore, consumers have to sign two agreements. These agreements are the option to purchase the house and the rental agreement.

The rental agreement is almost similar to a conventional lease. It stipulates the rental fee and the term. In most agreements, the term is 2 or 3 years. The agreement will also stipulate several conditions that you must meet. Examples are general conduct requirements, no pets and occupancy limit. If you fail to abide by these conditions, you will be asked to leave the house and you may end up losing the money you have paid towards the purchase of the property.

The rental agreement may also state that tenants are responsible for performing maintenance on the property. This is meant to ensure that tenants keep the house in good condition because it will become theirs in a few years. Nonetheless, the property owner will be required to make major repairs.

In a rent to buy deal, you have the option to purchase the home within the period stipulated in the lease agreement. For instance, if the agreement stipulates a 3 year rental term, you have three years to purchase the house. You can rest assured that the property will not be sold to anyone else.

You will be required to pay an option fee. This fee could vary anywhere from 2 to 7.5 percent of the purchase price of the home. The option fee will be credited toward the purchase of the home at the end of the lease term.
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The rent charged for lease to own homes is usually higher than that charged for conventional rental homes. The reason for this is that some of the rental fee is saved as credit that will go towards buying the house. People who seek a higher credit pay higher rental fees. Consumers should also note that the lease agreement may state that they may lose the rent credit if they pay their rental fees late.

When buying a rent to own home, buyers usually agree on the price of the house up front. In most cases, this is the current value of the property in the market, but it may also be a little bit higher. At times, tenants are allowed to delay the decision to purchase the home until the end of their lease term. Tenants can negotiate the price of a home. If a person decides not to purchase the home, the option fees and credit accumulated may not be refunded.

As a buyer, the rent to buy deal can be advantageous if you prefer not to go through the conventional process of getting a mortgage. For instance, you may not have enough money to make a down payment or your credit history may also not be good enough. If you opt for the lease to own agreement, you will have enough time to improve your credit as you build your equity. This will also give you an opportunity to try out a certain neighborhood.

To help you get on the property ladder, consider our range of rent to own homes in Baltimore. Come and learn more by visiting the related website at http://equitypartnersllc.org.