How Does Rent-to-Own Work?
In recent years there has been an increase in the demand for rent-to-own, an interesting modality in which a tenant is renting a property for a stipulated period of time, with the main particularity that at the end of a stipulated period he or she will have the possibility of buying the property, discounting all or part of the amount paid in rent.
What details should we consider about Rent-to-Own?
One of the main characteristics of renting with the option to buy is that there is no specific regulation governing the conditions of this contract, so it will be necessary to draw up two contracts; one for renting and one for buying and selling. In any case, and for the greater security of the buyer, it should be noted that this option is included in the Mortgage Regulations and the Urban Leasing Law. In short, this is a contract in which the will of both parties prevails and they are free to stipulate both the price and the time periods.
There are a number of essential requirements when it comes to agreeing a rental with an option to buy. For example, the purchase price of the home must be reflected in the contract, as well as the period of time in which the home can be purchased. In addition, another important detail is that the tenant will be free to buy (or not) the home once the term agreed in the contract is reached.
In short, we can determine that renting with an option to buy is an alternative that has interesting advantages that make it possible for us to be faced with an option that is increasingly demanded nowadays.