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How does Rent with Option to Buy work?

JPbride Posted: Jul 14, 2005 04:47 PM+

JPbride MEMBER SINCE: 11/04 TOTAL POSTS : 1180 WEDDING DATE: Mar 26, 2006

Posted: Jul 14, 2005 04:47 PM

How does Rent with Option to Buy work?

I have seen this mentioned in a couple of ads before. How does this work? Is this beneficial to the buyer or just the seller?

Any info is really appreciated. TIA

checka Posted: Jul 14, 2005 07:34 PM+

checka MEMBER SINCE: 5/03 TOTAL POSTS : 866 WEDDING DATE: Oct 03, 2004

Posted: Jul 14, 2005 07:34 PM

Re: How does Rent with Option to Buy work?

I'm sure that there is more to it but basically a portion of the rent you pay every month would end up going toward the price of the house if you decide to buy it.

bluesashbride Posted: Jul 14, 2005 08:08 PM+

bluesashbride MEMBER SINCE: 9/04 TOTAL POSTS : 2445 WEDDING DATE: May 21, 2005

Posted: Jul 14, 2005 08:08 PM

Re: How does Rent with Option to Buy work?

it can be written into the contract that you lock into a price once you decide to rent. so your rent may or may not apply-and you might lock into today's market value vice a year from now when you might buy it. there are different variations i guess is what i'm trying to say.