redhed1968
New Member
I am considering rent to own with my property since the sluggish economy isnt making it any easier to sell my house. Ive been oline trying to get info on what its about but have a few unanswered questions, if anyone can help me.
I plan on having the tenant put down a $3000 down payment upon moving in, then a additional monthly payment(on top of their rent payment) to apply towards the down payment. The lease will be either 12 or 18 months. If the tenant does not buy the house at the end of the lease, either due to change of heart or unable to get financing or whatever the reason may be, do I have to give them back all the money they have put in to the down payment or is it non refundable? What are the other general laws when it it comes to rent to own? If rent goes unpaid, is eviction a pain in the rear to get them out?
I plan on having the tenant put down a $3000 down payment upon moving in, then a additional monthly payment(on top of their rent payment) to apply towards the down payment. The lease will be either 12 or 18 months. If the tenant does not buy the house at the end of the lease, either due to change of heart or unable to get financing or whatever the reason may be, do I have to give them back all the money they have put in to the down payment or is it non refundable? What are the other general laws when it it comes to rent to own? If rent goes unpaid, is eviction a pain in the rear to get them out?
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