The rent-to-own business concept usually involves a purchase transaction that either lets you pay via installment payment process or have it paid one time. Depending on the installment payment agreement, it usually occurs on a daily, weekly, or monthly basis.
The process is similar to rental, the only thing that differs is that rent-to-own enables you to acquire ownership of the item or property upon the end of payment contract. The payment process differs, it could be direct or over-the-counter payment, but most likely it will be in a credit card or loan form. For you to get started on acquiring a rent-to-own property, here are some Sample Agreements that you might find useful.
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Before moving in to your rent-to-own house or condominium unit, you would need to have a blank rental agreement for both you and your buyer’s legal protection.
Blank Rental Agreements, according to Investor Words, is defined as either a written or oral agreement that modifies or establishes the rules, terms, and conditions with regards to the use and occupancy of the land or house property.
And if you are wondering how the rent-to-own kind of business works, here’s an idea:
It actually works in different ways, depending on the type of transaction that you are dealing with. There are types of transactions that confiscates the item purchased when the agreement is not complied, such as the payment dues.
Then there’s this other transaction that allows you to keep the item purchased as long as you keep paying them, but will not be confiscated even if you stopped paying for it; however, the company, whom you owed to, will continually remind you of your payment; also, negligence of the agreement or payment will cause legal actions.
One example is when purchasing a rent-to-own house and the first few years went okay, until you went bankrupt and could not afford to continue paying for the property. So the transaction will be discontinued and the bank or loan company (as to whom you have loan transaction with) will take the house and assume it to other potential buyers. The same goes with cars.
Sample Instrument Rent To Own Agreement
Printable Rent to Own Property Agreement
Sample Rent to Own Agreement
To avail the rent-to-own purchase, one must sign an agreement letter or rental agreement so as to make the transaction legal and to make sure that both parties, but more likely the tenant or the buyer, must comply the signed agreement. One of the most commonly used is the Month-to-Month Rental Agreement Form, which states that the lease is renewed at the end of each month. According to Investopedia, if the tenant or the buyer has decided to leave at the end of the month, the tenant or buyer can do so.
Here are also the requirements needed to avail the rent-to-own purchase:
- Clean Credit Record
One must have a clean credit record, like no neglected debts, because having a bad credit record would reflect your reputation as someone who is not responsible to pay their debts or dues.
- Must Be a Stable Employee or a Business Holder
This is the best requirement as this implies the sure capacity to pay on time, as having a stable job indicates stable income.
- Perfect Bank Account Credibility
A good amount of balance within your bank account would help your chances of being availed to this transaction as this may also be an indicator of good financial stability.
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