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Palm Beach Rent To Own Homes is the local leader in rent to own homes in Palm Beach County Florida. We specialize in helping Palm Beach residents earn the satisfaction of realizing their homeownership dreams through our Palm Beach Rent To Own Home Program.
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Palm Beach Rent To Own Homes
8461 Lake Worth Road Suite 1-240 Lake Worth, Florida 33467 Phone: 561-771-4347 Website: http://www.palmbeachrenttoownhomes.com Google Site: https://sites.google.com/site/homesforrenttoownfl/ Google Folder: https://goo.gl/HZ9AuU Twitter: https://twitter.com/christinatmarch https://plus.google.com/116287881073580424586 https://www.facebook.com/Palmbeach-Rent-To-Own-Homes-1359313940858481/ https://www.youtube.com/channel/UC7XUQ5F7IQLMZ8dkL3VioWg https://twitter.com/rent2ownhomesfl
Obligations of Tenants and Landlords Under a Rent-to-Own Agreement Here are a few ways lease agreements with a lease-option component vary from traditional leases. Payment of Rent and Setting Aside Monthly Rent Payments Varies Just as in a standard lease or rental agreement, the tenant has a duty to make timely and exact payments of rent. In a rent-to-own arrangement, rent payments are often higher than they would have been had the transaction been a standard lease agreement. This is because an agreed-upon percentage of the monthly rent is typically placed in an escrow account. It is the
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landlord’s duty to set aside the agreed-upon percentage of rent. The landlord either reserves the escrow funds and refunds the tenant upon purchase of the home, or simply applies a percentage of the rent payments toward the principle of the house. In this manner, the tenant builds equity in the house throughout the duration of the lease agreement. Tenant Makes Necessary Repairs to the Rental Property Unlike a traditional lease, in which the landlord is typically responsible for making all repairs, rent-to-own tenants usually repair the rental property at their own expense. Many landlords and tenants consider this a fair bargain since, presumably, the tenant will eventually own the home. Tenant Must Fulfill Lease Obligations Until the tenant exercises the option and purchases the rental property, the premises are owned by the landlord. So, in addition to making repairs, the tenant must also comply with all other duties outlined in the lease. This means that the tenant must not have pets if the lease prohibits pets, must not house unauthorized residents, must not engage in criminal activities, and must not do anything else that is forbidden by the lease. If the tenant violates the lease, the option will become null and void. The tenant will likely forfeit both the option fee and the percentage of the monthly rent payments, depending on the terms of the option-to-purchase agreement. The Tenant Should Inspect the House and Order an Appraisal Although the tenant may never exercise the option to purchase the rental property, tenants should always inspect the premises and order an appraisal before signing a lease with an option to purchase. Here’s why: ●
The future purchase price of the home is often agreed upon at the time the rent-to-own agreement is signed. An appraisal will ensure that the tenant is paying a fair price for the home.
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A thorough inspection can determine whether the tenant will need to make future major repairs such as those to restore leaking roofs, broken HVAC and heating units, or clogged sewage drains, and help the tenant make the decision of whether entering into the agreement is sensible. In some states, landlords who lease a home with an option to purchase must disclose important information about the condition of the property, providing extra protection to tenants who are buying a home under a lease-option agreement.
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Rent To Own Homes No Credit Check Lake Worth, FL Contact Details: Palm Beach Rent To Own Homes 8461 Lake Worth Road Suite 1-240 Lake Worth, Florida 33467 Phone: 561-771-4347 Website: http://www.palmbeachrenttoownhomes.com Google Site: https://sites.google.com/site/homesforrenttoownfl/ Google Folder: https://goo.gl/HZ9AuU Twitter: https://twitter.com/christinatmarch https://plus.google.com/116287881073580424586 https://www.facebook.com/Palmbeach-Rent-To-Own-Homes-1359313940858481/ https://www.youtube.com/channel/UC7XUQ5F7IQLMZ8dkL3VioWg https://twitter.com/rent2ownhomesfl Related Contents: rent to own homes lake worth, fl homes for rent lake worth, fl homes for rent near me lake worth, fl
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