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Mishiel Paterno

Watson Realty Corp

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Answered: Jan 20, 2013

In answer to: could you please advise how rent to own works? is a deposit required and when do you take title? what happens if you just want to rent?

Rent to own is very possible especially in this market where a lot of sellers are not able to sell because of price. Buyers are not able to buy yet because of a hold up (could be a credit issue, timing issues etc). A specific time is established at time of lease agreement. The price is also established. A deposit is made to the sellers to determin the seriousness of the tenants for the lease to own however this is revoked by the sellers if the buyer/tenants decides they don't want to pursue the "buying" part of the agreement. It is advised to seek a professional (i.e. lawyer) before proceeding with this agreement whether you are the landlords/ seller or tenants/ buyer.

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