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What are some of the benefits for a buyer to take out a rent to own contract?
Wiki User
∙ 10y ago
Benefits for a buy to take out a rent to own contract include not having to sell the home if one decides to move and being able to own the home if one actually decides to keep it with the rent going towards payments.
Wiki User
∙ 10y ago
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What are some contracts for differences?
"In finance, a contract for difference is a contract between two different parties. Buyer and seller are involved. The buyer has to pay the seller the difference between the current value of the thing and its value during contract time."
Contract for Deed?
A contract for deed is a real estate transaction where the seller finances the purchase for the buyer. The buyer makes regular payments to the seller over time, and once the full amount is paid, ownership of the property is transferred to the buyer. It is also known as a land contract or installment contract.
What is real estate act?
ACT - Plan ol' Active status. Not under contract. OPT - Active Option. There is a contract on the house, and they are doing inspections and negotiating repairs. CON - Active Contingent. There is a contract that has to clear some contingency. The most common contingencies are the buyer's financing, the buyer selling another home, and the bank approving a short sale. KO - Active Kick Out (also called Active Knock Out). There is a contract with a contingency for the buyer selling another home, BUT the seller has the right to kick/knock out the 1st buyer if they have a 2nd (backup) contract. In this instance the 1st buyer has a set amount of time (usually 2-3 days) to waive their contingency or they are kicked/knocked out of the contract and the 2nd buyer becomes the primary contract. PND - Pending. The contract has been cleared of contingencies, and they are just cruising to closing. Depending on the market you're in and what your specific needs are as a buyer, each of these status except the plain ol' Active status are approached a little different
Where can I rent the Fitness equipment to teach my students to stay fit?
You can rent Fitness equipment from various sources. Some rent - to - own stores offer these, as do a number of retail outlets. Even some gyms may allow you to rent equipment, for a deposit and contract signature.
What happens if a buyer takes a car back to the loan company?
Buyer's remorse. Seriously, if the car is returned within three days (as is permissible in some states), it is a simple annulment of the contract. If the three days grace period has passed, this would be a voluntary repossession, or lease laydown (depending on the specifics of the contract).
How Rent-to-Own Homes Work?
RENTING TO OWNIn today's soft housing market, renting to own has made a resurgence. Also known as leasing to own, this can be a viable option for many.Renting to own works much like a car lease. Part of your monthly rent payment is put aside by the seller towards an agreed-upon down payment towards a set purchase price. Advantage for the SellerRent to own arrangements can help a seller who has been unable to sell the property at a price they are comfortable with. The seller (owner) will have a monthly income from the property.Advantages to the BuyerFor many, lack of a solid credit history can prevent a traditional home purchase in the current market. A rent to own arrangement is a way around this roadblock. Some of the monthly rent is credited to the buyer while they have a home to live in.CaveatsFor both parties, a legally binding and comprehensive contract needs to be in place to protect the seller and the buyer. Having a contract reviewed by an attorney who specializes in real estate is essential. The terms of the contract should be clearly spelled out. A fixed time period should be set after which time the sale of the property is completed. Depending on the agreement, the buyer may have to pay an upfront option fee as well as be responsible for some or all home repairs. If the seller falls behind on their own mortgage payment, the home may still be foreclosed upon by the lender. On the other hand, if a prospective buyer comes along with a higher offer for the seller, the seller is out of luck and will be bound by the contract. There are pros and cons to these arrangements, and financial and legal professionals should always be consulted prior to entering into a rent to own contract.
Do any types of contracts or contract situations increase risk?
Yes, there are types of contracts that are more risky. A time and material's contract has the least risk for the seller. A fixed fee contract can be very risky for the seller, but also has some downsides to the buyer.
When an auto loan is in default in the state of NC is the buyer or co-buyer primarily responsible?
Both the buyer and co-buyer are equally and completely responsible. All parties on a contract are 100% responsible to pay the note in full per the terms of the contract. Neither person is "more" responsible than the other. My suggestion is to help the bank find the auto and they may cut you some slack on the any remaining balance after the sale out of good faith but they have no obligation to do so.
What are some benefits of no contract cell phones?
The benefits of no contract cell phones is that you never have to worry about a phone bill. You prepay and use that as you go along. If you run out of minutes you can purchase more at anytime and you never have to worry about hidden charges.
If the trucking company damages the freight in transit do they have to replace it?
You have to look at the contract between the buyer and seller to determine who bears the risk of loss. Normally, the risk of loss would be on the buyer or the buyer's insurance. Now once it is determined who bears the risk of loss they could sue the trucking company if they were at fault in some way, but the trucking company does not have to replace the damaged goods (unless there is a contract that says otherwise).
Is it worth it to buy a rent-to-own home?
Rent-to-own agreements vary. A contract is drawn up in each case, detailing the specifics of the agreement. Some agreements allow that the first year's rent will go towards the down payment. Other contracts require a lump sum up front to secure the deal. In most cases, conventional financing must be secured within a specified time to conclude the deal. The rent-to-own period is intended to allow the buyer to position himself/herself to secure that financing. The individual must determine the value in such an arrangement.
If you have no current contract for a rental property can the rent still be raised?
Yes, in most cases, a landlord can raise the rent even without a current contract. However, the specific rules and regulations may vary depending on local rental laws. In some jurisdictions, the landlord may need to provide notice to the tenant before increasing the rent.
