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Rent to Own

Who would the "owner" be? Pros and cons..
Who pays taxes? An y info I tried to post in groups and yahoo search it but I can't find anything.

Answer Question
 
Krys_mathews

Asked by Krys_mathews at 9:16 PM on Aug. 19, 2009 in Home & Garden

Level 2 (6 Credits)
Answers (3)
  • You should contact a realtor. Rent to owns are hard and all are different.
    feesharose

    Answer by feesharose at 12:23 AM on Aug. 20, 2009

  • We did a rent to own for someone and it didn't work out too well. However, we still owned the house and we were responsible for taxes and insurance on the dwelling. They purchased their own contents insurance.
    luvmybabieskna

    Answer by luvmybabieskna at 11:01 AM on Aug. 20, 2009

  • I'm not sure if it is the same everywhere, but when we looked into doing a 'rent to own', the way it worked was that we would pay rent for a specific amount of time and a certain portion of our rent would go toward the purchase of the home. In the meantime, the person we were renting from still owned the house and was still responsible for all taxes & property insurance (we had renter's insurance for our stuff). Then, once we'd paid out a specific amount toward the purchase price (3/4, I think), we owned the house and all of our rent became mortgage payments in full with full responsibility for taxes & property insurance. If for any reason we were not able to make purchase of the house, then we basically lost anything we'd already paid out.

    We didn't end up renting the place b/c I unexpectedly inherited my grandfather's house, so I can't give you any more details or tell you how it worked out.
    Anonymous

    Answer by Anonymous at 1:31 PM on Aug. 20, 2009

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