Just like in most areas in South Florida, an agreement for rent to own homes in Lake Worth is reached once the buyer and the seller settle for the terms. The terms mainly include the condition that the buyer should purchase the home at the end of the rental period. With the tenant residing in the property for at least six months, he or she gets to decide whether the place is right or not.
Most of the rent to own agreements in this part of Florida require a down payment from the buyer. This payment will be deducted from the total amount of the property. If the buyer fails to pay for the down payment after the rental period is finished, the seller still gets to keep the money. The seller also has the right to kick out the tenant if he or she does not pay the monthly rent even though the down payment has already been given. In this case, if you are the buyer, I strongly recommend that you read and understand everything in the rent to home contract.
Getting an agreement for rent to own homes starts with finding the seller with this kind of offer, which is probably the most difficult part. Let us say that you did find one seller. The fact remains that you have to want to live in that house since you will purchase it at the end of the rental term. Therefore, you should inspect the house for damages and other things that may bother you. It is necessary that all issues have been addressed before you sign the rent to own deal.
Speaking of deals, everything has to be in written form. Remember that verbal agreements do not count. When things go wrong, at least have something that can back you up. The contract may heavily be in favor of the owner of the property at first. You will be asked to provide an upfront down payment and there may also be an eviction clause. Do not be afraid though; these terms are often negotiable so you do not have to sign it if you are unhappy about the conditions.
For best results, take the contract to a lawyer in Lake Worth. He or she will explain the terms that you may not understand. Plus, you can get advice if there are some parts that have to be amended. However, if the seller does not agree with the adjustment, consider looking elsewhere.
Before you sign the contract, read it once again. Make sure that the seller has made the alterations you asked for. Personally, I would look for the clause with the grace period in it. This is usually found near the eviction clause. This is quite essential especially if you cannot or forget to pay for the monthly rent, you will not get evicted. Expulsion is a bad consequence of non-payment and you should avoid this at all costs.
Still looking for rent to own homes, but cannot find what you are searching for? Head here and fill out our buyer’s form. We will help you locate the place that you can test drive and then finally call it your home in Lake Worth, Florida.