Re: Rent To Own Homes Explained

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Article #299

#299

From: JSC Rent To Own Homes
Date: Fri, 26 May 2006 22:25

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Not to get bogged down in semantics, the new contract can have the same
terms as the old one. This is a matter of negotiation.

House burns down, owner of the policy (landlord) gets the money. What
does tenant get (is this in writing?) It all depends on what is in the
contract. That is what is in writing. Did the tenant negotiate for it?
Did the tenant have renter's insurance to cover personal property?

If landlord goes bankrupt - the tenant still has legal rights and can
exercise the option. Did the tenant and/or landlord record the contract
to put a cloud on the title? That would help matters. However, if the
tenant can't afford to exercise the option after 5 years, he/she should
have never entered into the deal in the first place.

Look, the RTO concept has risks. No one (tenant or landlord) should get
invoved without a good understanding. Hire an attorney if you need
help. You would probably hire one in a conventional house purchase.

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From: "JSC Rent To Own Homes" <bpappas@rmminc.net>
Newsgroups: ott.housing,nf.wanted,misc.invest.real-estate,triangle.forsale,chi.wanted
Subject: Re: Rent To Own Homes Explained
Date: 26 May 2006 15:25:58 -0700
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