🚀 go-pugleaf

This is a great way to get people to own a home. Glad to see someone is
looking out for the little guy. Is the place where the homes are
located pretty safe?

The homes can be located anywhere. The website allows anyone to post a
wanted ad and/or a home available ad. JSC does not have anything to do
with the homes on the website. We simply allow people to place free ads.

Read the fine print. These clowns are hoping that you miss a payment so
they can come and take your home as well as your non refundable
deposit. It's the same as the deal on the rent to own furnitures, cars
etc. They hope you miss the payment, unlike my bank mortgage they will
allow me 3-4 months missed payments without threat of loss of home if
you fall on hard times. In canda the down payment is 5% on the mortgage
downpayment for a first time buyer. If you need to go to one of these
rent to own outfits you may not be able to afford it in the first place
- and thats what they are counting on. It's sad to see that someone is
continuing to try and scew the little guy.

all the homes listed are in the united states. not much help to us
canadians. i know you stated they can be from anywhere but when you
even click to view the adds all are in the united states

On 25 May 2006 13:40:58 -0700, robson@nf.sympatico.ca wrote:

>Read the fine print. These clowns are hoping that you miss a payment so
>they can come and take your home as well as your non refundable
>deposit. It's the same as the deal on the rent to own furnitures, cars
>etc. They hope you miss the payment, unlike my bank mortgage they will
>allow me 3-4 months missed payments without threat of loss of home if
>you fall on hard times. In canda the down payment is 5% on the mortgage
>downpayment for a first time buyer. If you need to go to one of these
>rent to own outfits you may not be able to afford it in the first place
>- and thats what they are counting on. It's sad to see that someone is
>continuing to try and scew the little guy.

Knowledge is Power. 
The supposed 'little guy', can get an education to learn a few things
as well

On 25 May 2006 13:50:33 -0700, "tduggan" <trevor.duggan@gmail.com>
wrote:

>all the homes listed are in the united states. not much help to us
>canadians. i know you stated they can be from anywhere but when you
>even click to view the adds all are in the united states


shhhh....Americans don't realize there is a world outside of the USA!
hahahahaha

user@127.0.0.1 wrote:
> 
> On 25 May 2006 13:50:33 -0700, "tduggan" <trevor.duggan@gmail.com>
> wrote:
> 
> >all the homes listed are in the united states. not much help to us
> >canadians. i know you stated they can be from anywhere but when you
> >even click to view the adds all are in the united states
> 
> shhhh....Americans don't realize there is a world outside of the USA!
> hahahahaha

What?   There's a part we don't own?

trent

I apologize for my shortsitedness. I should have said anywhere in the
U.S. All you gotta do is remove that foreign speaking part of your
country, get annexed as the 51st state and then I'll be able to process
your ads. Furthermore, I would no longer have to worry about falling
off the end of the world everytime I cross the bridge to Windsor.

Hey rob...@nf.sympatico.ca, when you say "It's sad to see that someone
is continuing to try and scew the little guy", do you mean me (JSC)? By
posting an article explaing the RTO concept and/or offering FREE ads to
BOTH buyers and sellers, please explain how we are trying to screw
anyone. BTW, most landlord/sellers that post house available ads are
little guys (just like most of the tenant buyers and JSC).

> I apologize for my shortsitedness. I should have said anywhere in the
> U.S. All you gotta do is remove that foreign speaking part of your
> country, get annexed as the 51st state and then I'll be able to process
> your ads. Furthermore, I would no longer have to worry about falling
> off the end of the world everytime I cross the bridge to Windsor.

That's priceless.  *lol*

I can get caught up in the great Canadian past-time of bashing our
American cousins (particularly where NAFTA and softwood lumber are
concerned) but the sniping in prior posts was unwarranted and uncalled
for.  Good for you for retaliating with a retort better than the
stereotypes of Americans would lead us to believe you are capable of.
:)

> Hey rob...@nf.sympatico.ca, when you say "It's sad to see that someone
> is continuing to try and scew the little guy", do you mean me (JSC)? By
> posting an article explaing the RTO concept and/or offering FREE ads to
> BOTH buyers and sellers, please explain how we are trying to screw
> anyone. BTW, most landlord/sellers that post house available ads are
> little guys (just like most of the tenant buyers and JSC).

Everyone >> Remember that there is a risk involved in the Rent-to-Own
concept for the landlord and, at the same time, they are also reducing
their gross income each month by offering rental credits.  Effectively
the landlord is becoming responsible for holding the mortgage on behalf
of the rentor.  When you take that into consideration why shouldn't the
landlord place a few restrictions on the timely reception of payments?

Since I am responding to a post in a Ottawa NG...in the province of
Ontario when you do not submit your rent on time at the beginning of
the month that the landlord can serve you with a form demanding payment
within 21 days or you have to move out.  The only exception to this
rule is in the dead of winter (for obvious reasons).

The option that JSC is describing is for people who cannot secure a
mortgage.  Since they cannot secure a mortgage and they want to buy a
home they would take this route.  If they did not then they would
be...come now...everyone together...renting.

To quote the OP..."A lease purchase can make your rent money work for
you instead of making your landlord rich".  If these people are renting
without this RTO concept working the background then even if they miss
a payment date or two they are still further ahead in their quest to
own a home than if they just rented and did nothing.  The Option
Consideration is anywhere from 2.5 - 7% of the value of the unit and
while CMHC may allow for 5% downpayments but that is for the typical
person who does not have any blemishes on their credit.  Banks can
demand a larger downpayment depending on how much of a risk they think
you are.

Methinks that kwo...@hotmail.com got it right...someone is looking out
for the little guy by making this option more widely available.

Now if only we could get something like that going up here in the 51st
state...er...I mean Canada.  ;)

where is your canadian site link?
all i see is the map for the US

"JSC Rent To Own Homes" <bpappas@rmminc.net> wrote in message 
news:1148577500.060489.209510@g10g2000cwb.googlegroups.com...
> If you desire to own your own home but are unable to secure
> conventional financing today, leasing a home with an option to buy may
> be your best option. A lease purchase can make your rent money work for
> you instead of making your landlord rich. Typically rent to own homes
> offer rent credits that reduce the final purchase price!
>
> Here's how it works
>
> A home is made available via a standard lease with one important
> addition. Included is an option to purchase that home at a specified
> price over a specified time period (usually one or two years). In order
> to acquire that option, the renter/buyer must pay a one time, NON
> REFUNDABLE, fee called the option consideration. The exact amount is
> negotiable, but it is usually ranges from 2.5 to 7% of the purchase
> price. A fair contract will credit the buyer 100% of that option
> consideration upon closing of the sale. Furthermore a negotiated
> percentage of all rent payments should be applied toward the purchase
> price of the home. Some typical terms and conditions one might expect
> to find in a contract follows:
>
> 1. In order to receive a rent credit of 50%, time is of the essence.
> You MUST pay your rent on or BEFORE the due date of your lease
> (typically the 1st of the month). This means it must be received by the
> lessor (landlord) on or before the due date. Any payment received after
> the due date will result in a 0% rent credit for that month, a late fee
> may apply and you will not be building any equity.
>
> 2. Maintenance is the responsibility of the Tenant Buyer. You are now
> renting to own and homeownership requires maintenance. This includes
> things like broken windows from stones or baseballs, clogged drains,
> peeling paint, broken appliances, burnt out bulbs, lawn work/snow
> removal, etc. If any major repairs are required to ensure habitability,
> the owner remains responsible.
>
> 3. You need to have Option Consideration. Option Consideration is
> typically 2.5% to 7% of the purchase price of the home. It is a
> non-refundable payment, of which 100% is credited toward the purchase
> price, which binds the lease purchase contract.
>
> Here's an example transaction:
>
> We have a nice 3 bedroom, 1 bath single family home located in a near
> west suburb of Chicago in a great neighborhood with good schools and a
> strong community. It has been freshly painted, cleaned, and is ready to
> move in. The purchase price will be $215,000. Monthly rent payments
> will be $1,500 and you will receive a 50% rent credit ($750 per month).
> You need between 2.5% and 7% in up front Option Consideration. Let's
> say your budget allows for $6,000 for Option Consideration. This
> equates to approximately 2.8% ($6,000/215,000). You will also need
> $1,500 for the first months rent for a total initial payment of $7,500.
>
> Please note: Option consideration is not a security deposit. It is a
> non refundable payment toward the purchase price and is 100% credited
> toward reducing the price of the home.
> Now suppose you paid all your monthly rent payments on or before the
> due date and you choose to buy the rent to own home at the end of the
> 12 month lease purchase contract. You will have $15,000 in equity
> before you even own the home! Here's the math:
>
>
> Lease Purchase Price - $215,000
>
> Less: Option Consideration paid at lease signing - $6,000
>
> Less: 50% rent credit of $750/m * 12 months - $9,000
>
> Net Purchase Price after credits - $200,000
>
>
> You started with $6,000 and by paying your rent on time; your equity
> position grew 150% (another $9,000) for a total of $15,000 with 12
> months. Not a bad deal! Many people find it nearly impossible to save
> $9,000 in a year with all the costs of living constantly on the rise.
>
> What's the catch?
>
> Now you may be thinking, "OK, what's the catch? This sounds too good to
> be true."
>
> Answer, there is no catch.
>
> There are many possible reasons a landlord/seller may want to enter
> into a rent to own agreement. Some reasons may be:
>
> Needs to maintain ownership for at least one year for tax purposes.
> Unable to get a fair price due to local conditions.
> Tired of performing minor maintenance.
>
> Furthermore, when one sells a home through a realty service, a
> commission of 5-7% is typically paid. In the example above, this can
> cost more than the rent credit. Since realtors are usually not involved
> with this type of transaction, there is no commission and the landlord
> can afford to pass along the savings to tenant/buyer in the form of
> rent credits.
>
> Also, when the Tenant becomes the Tenant Buyer (via rent to own), there
> is an immediate sense of pride in ownership. Tenant Buyers add value to
> the community. They take care of their future property, make
> improvements, and feel good knowing their rent money is working for
> them (reducing the purchase price) rather than just making their
> Landlord rich.
>
> There are also many advantages for the renter:
>
> Build equity toward home ownership.
> No bank or finance company involvement.
> Poor credit history may not be an issue.
>
> Learn more at http://www.jscinvestments.com/. You can also place FREE
> wanted ads and FREE homes available ads. There is no obligation
> whatsoever.
> 

<robson@nf.sympatico.ca> wrote in message 
news:1148589657.975805.229760@i39g2000cwa.googlegroups.com...

> Read the fine print. These clowns are hoping that you miss a payment so
> they can come and take your home as well as your non refundable
> deposit. It's the same as the deal on the rent to own furnitures, cars
> etc. They hope you miss the payment, unlike my bank mortgage they will
> allow me 3-4 months missed payments without threat of loss of home if
> you fall on hard times. In canda the down payment is 5% on the mortgage
> downpayment for a first time buyer. If you need to go to one of these
> rent to own outfits you may not be able to afford it in the first place
> - and thats what they are counting on. It's sad to see that someone is
> continuing to try and scew the little guy.

It sounds like a tactic similar to "payday" loans. 

sp wrote:
> Is going thro' this "rent to own" program makes a renter easier to get a
> mortgage?  Any fianancial insttitude backing this program?
>
> Susan

It should help. First, if you make all your payments on time, you will
start to build a good credit history. A bank should take this into
consideration. Second, the portion of the rent you pay which is
credited toward the purchase price of the house, in essence, increases
your down payment (read the article again). The bigger your down
payment, the less you have to borrow. This means you have more equity
in the property. Banks like that.

However, if you do not make all your payments on time, your landlord
will probably report that to the credit bureau, and the bank will find
out. This will further damage your credit. As I said before, understand
and follow the terms of your contract.

To my knowledge, there are no financial institutions backing this sort
of program. This type of program exists primarily because prospective
tenant/buyers have damaged credit and are unable to qualify for a bank
loan at the present time. There are property owners who are willing to
take a risk FOR A POTENTIAL PROFIT, and they offer their properties on
a rent to own basis. Every deal, every contract is different. Just like
every other facet of life, there are honest and dishonest people (both
tenant/buyers and landlord/owners) in the rent to own arena.

Everyone, please understand, THIS AIN'T CHARITY. There is risk involved
for both sides. If anyone is looking for for a handout, you're setting
yourself up for a fall. If you are a person with damaged credit and
unable to get a mortgage, ask yourself this question; "If I owned a
house as an investor, would I be willing to let me have possesion of
that house?" If you can honestly answer that question with a yes
because you are taking tough, positive steps toward repairing your
credit, then pursue the rent to own path. If you are just looking for a
"break" without taking any positive steps on your own, keep renting
because an honest and smart tenant/landlord will turn you down just
like a bank. Then, what are you left with?

Perhaps you should tell people what happens of after you leasing period and 
it is time to buy your home, then you are unable to get financing due to 
poor credit. What happens then?
"JSC Rent To Own Homes" <bpappas@rmminc.net> wrote in message 
news:1148677767.187047.104550@g10g2000cwb.googlegroups.com...
> sp wrote:
>> Is going thro' this "rent to own" program makes a renter easier to get a
>> mortgage?  Any fianancial insttitude backing this program?
>>
>> Susan
>
> It should help. First, if you make all your payments on time, you will
> start to build a good credit history. A bank should take this into
> consideration. Second, the portion of the rent you pay which is
> credited toward the purchase price of the house, in essence, increases
> your down payment (read the article again). The bigger your down
> payment, the less you have to borrow. This means you have more equity
> in the property. Banks like that.
>
> However, if you do not make all your payments on time, your landlord
> will probably report that to the credit bureau, and the bank will find
> out. This will further damage your credit. As I said before, understand
> and follow the terms of your contract.
>
> To my knowledge, there are no financial institutions backing this sort
> of program. This type of program exists primarily because prospective
> tenant/buyers have damaged credit and are unable to qualify for a bank
> loan at the present time. There are property owners who are willing to
> take a risk FOR A POTENTIAL PROFIT, and they offer their properties on
> a rent to own basis. Every deal, every contract is different. Just like
> every other facet of life, there are honest and dishonest people (both
> tenant/buyers and landlord/owners) in the rent to own arena.
>
> Everyone, please understand, THIS AIN'T CHARITY. There is risk involved
> for both sides. If anyone is looking for for a handout, you're setting
> yourself up for a fall. If you are a person with damaged credit and
> unable to get a mortgage, ask yourself this question; "If I owned a
> house as an investor, would I be willing to let me have possesion of
> that house?" If you can honestly answer that question with a yes
> because you are taking tough, positive steps toward repairing your
> credit, then pursue the rent to own path. If you are just looking for a
> "break" without taking any positive steps on your own, keep renting
> because an honest and smart tenant/landlord will turn you down just
> like a bank. Then, what are you left with?
> 

> Perhaps you should tell people what happens of after you leasing period and
> it is time to buy your home, then you are unable to get financing due to
> poor credit. What happens then?

Good point. First, why is the credit still poor? What was done to fix
it?

Second, if the tenant is a good tenant (pays bills on time, good
neighbor, responsible, met the contractual terms...), what would you do
if you were the landlord/owner? I would want to keep any good tenant.
Why would I want to start all over again? I would negotiate a new, FAIR
contract (including a rollover of the option consideration), and keep
the tenant.

If the tenant were a problem, I'd ask them to move. If they refused to
move, I would evict them.

"JSC Rent To Own Homes" <bpappas@rmminc.net> wrote in message 
news:1148680443.840507.195970@y43g2000cwc.googlegroups.com...
>
>> Perhaps you should tell people what happens of after you leasing period 
>> and
>> it is time to buy your home, then you are unable to get financing due to
>> poor credit. What happens then?
>
> Good point. First, why is the credit still poor? What was done to fix
> it?

If he/she's credit was not poor, I can assure you they would not be 
contacting you.

>
> Second, if the tenant is a good tenant (pays bills on time, good
> neighbor, responsible, met the contractual terms...), what would you do
> if you were the landlord/owner? I would want to keep any good tenant.
> Why would I want to start all over again?

Start all over again? Why not continue w/ the same contract.

What about the house burns down, who gets the Insurance money? If tenant 
gets what they paid in, is this in writing?
IN mentioned Landlord above.......what if the Landlord goes bankrupt 5 yrs 
into the contract and it is still a rent to own? 

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.

Is going thro' this "rent to own" program makes a renter easier to get a
mortgage?  Any fianancial insttitude backing this program?

Susan


"JS" <gq_s2002@hotmail.com> wrote in message
news:1148654262.345765.169940@u72g2000cwu.googlegroups.com...
> > I apologize for my shortsitedness. I should have said anywhere in the
> > U.S. All you gotta do is remove that foreign speaking part of your
> > country, get annexed as the 51st state and then I'll be able to process
> > your ads. Furthermore, I would no longer have to worry about falling
> > off the end of the world everytime I cross the bridge to Windsor.
>
> That's priceless.  *lol*
>
> I can get caught up in the great Canadian past-time of bashing our
> American cousins (particularly where NAFTA and softwood lumber are
> concerned) but the sniping in prior posts was unwarranted and uncalled
> for.  Good for you for retaliating with a retort better than the
> stereotypes of Americans would lead us to believe you are capable of.
> :)
>
> > Hey rob...@nf.sympatico.ca, when you say "It's sad to see that someone
> > is continuing to try and scew the little guy", do you mean me (JSC)? By
> > posting an article explaing the RTO concept and/or offering FREE ads to
> > BOTH buyers and sellers, please explain how we are trying to screw
> > anyone. BTW, most landlord/sellers that post house available ads are
> > little guys (just like most of the tenant buyers and JSC).
>
> Everyone >> Remember that there is a risk involved in the Rent-to-Own
> concept for the landlord and, at the same time, they are also reducing
> their gross income each month by offering rental credits.  Effectively
> the landlord is becoming responsible for holding the mortgage on behalf
> of the rentor.  When you take that into consideration why shouldn't the
> landlord place a few restrictions on the timely reception of payments?
>
> Since I am responding to a post in a Ottawa NG...in the province of
> Ontario when you do not submit your rent on time at the beginning of
> the month that the landlord can serve you with a form demanding payment
> within 21 days or you have to move out.  The only exception to this
> rule is in the dead of winter (for obvious reasons).
>
> The option that JSC is describing is for people who cannot secure a
> mortgage.  Since they cannot secure a mortgage and they want to buy a
> home they would take this route.  If they did not then they would
> be...come now...everyone together...renting.
>
> To quote the OP..."A lease purchase can make your rent money work for
> you instead of making your landlord rich".  If these people are renting
> without this RTO concept working the background then even if they miss
> a payment date or two they are still further ahead in their quest to
> own a home than if they just rented and did nothing.  The Option
> Consideration is anywhere from 2.5 - 7% of the value of the unit and
> while CMHC may allow for 5% downpayments but that is for the typical
> person who does not have any blemishes on their credit.  Banks can
> demand a larger downpayment depending on how much of a risk they think
> you are.
>
> Methinks that kwo...@hotmail.com got it right...someone is looking out
> for the little guy by making this option more widely available.
>
> Now if only we could get something like that going up here in the 51st
> state...er...I mean Canada.  ;)
>

All too often I see good people w/ bad credit fall into traps similar to 
this because they are so excited about "owning" their own home. When in fact 
the don't own it, have no converage, no protection, but still responsible 
for the upkeep. Geez man you must love tenants like this eh?

I recall a friend of mine get ready to jump into one of these contracts. 
Prior to doing so, I strongly encourage him to seek legal advice. This is 
what he did , and for 100 dollars had a contract written up for the landlord 
to sign. Similar to an "held back mortgage", I'm sure you know what terms 
that is. Anyways the bottom line is, the landlord would not sign, and it was 
on his terms or nothing.

So I say to people reading your ad, don't jump the gun, and seek legal 
advice to have a contract drawn up and ask the landlord "deal or no deal." 
I'm sure you won't be shocked on the answer.
"JSC Rent To Own Homes" <bpappas@rmminc.net> wrote in message 
news:1148682358.515384.132840@j55g2000cwa.googlegroups.com...
> 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.
> 

Anyone bought or sell through "Rent to Own"?   Any pros and cons?

Susan



"Devils Advocate" <devilsadvocate66@hotmail.com> wrote in message
news:e586st$n4r$1@news.datemas.de...
> All too often I see good people w/ bad credit fall into traps similar to
> this because they are so excited about "owning" their own home. When in
fact
> the don't own it, have no converage, no protection, but still responsible
> for the upkeep. Geez man you must love tenants like this eh?
>
> I recall a friend of mine get ready to jump into one of these contracts.
> Prior to doing so, I strongly encourage him to seek legal advice. This is
> what he did , and for 100 dollars had a contract written up for the
landlord
> to sign. Similar to an "held back mortgage", I'm sure you know what terms
> that is. Anyways the bottom line is, the landlord would not sign, and it
was
> on his terms or nothing.
>
> So I say to people reading your ad, don't jump the gun, and seek legal
> advice to have a contract drawn up and ask the landlord "deal or no deal."
> I'm sure you won't be shocked on the answer.
> "JSC Rent To Own Homes" <bpappas@rmminc.net> wrote in message
> news:1148682358.515384.132840@j55g2000cwa.googlegroups.com...
> > 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.
> >
>
>

Duh!
"sp" <wbto@sympatico.ca> wrote in message 
news:FXOdg.2393$ho5.190322@news20.bellglobal.com...
> Anyone bought or sell through "Rent to Own"?   Any pros and cons?
>
> Susan
>
>
>
> "Devils Advocate" <devilsadvocate66@hotmail.com> wrote in message
> news:e586st$n4r$1@news.datemas.de...
>> All too often I see good people w/ bad credit fall into traps similar to
>> this because they are so excited about "owning" their own home. When in
> fact
>> the don't own it, have no converage, no protection, but still responsible
>> for the upkeep. Geez man you must love tenants like this eh?
>>
>> I recall a friend of mine get ready to jump into one of these contracts.
>> Prior to doing so, I strongly encourage him to seek legal advice. This is
>> what he did , and for 100 dollars had a contract written up for the
> landlord
>> to sign. Similar to an "held back mortgage", I'm sure you know what terms
>> that is. Anyways the bottom line is, the landlord would not sign, and it
> was
>> on his terms or nothing.
>>
>> So I say to people reading your ad, don't jump the gun, and seek legal
>> advice to have a contract drawn up and ask the landlord "deal or no 
>> deal."
>> I'm sure you won't be shocked on the answer.
>> "JSC Rent To Own Homes" <bpappas@rmminc.net> wrote in message
>> news:1148682358.515384.132840@j55g2000cwa.googlegroups.com...
>> > 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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