The thing is that when you are planning to purchase a home, the sale takes place after the offer is agreed on and when the transaction is done the sale is complete. The thing is that not people do not have all the money to make the payment and this is the reason that they opt for mortgage. However, other than the mortgage you have an option of using rent-to-own.
With this option, some of the things to understand is that the person who is using this option is required to rent a home for a certain period while trying to come up with a down payment or improve the credit score. With this being said when the person renting can be able to pay for the house they then make the payment. Some of the things you should note is that when you are doing this, there are some terms that should be met.
Option money is the rent-to-own agreement that the potential buyer pays the seller a onetime cash which is a non-refundable option for money. The thing is that with this option, one is able to make the purchase in the future. This you should note will give you the right but not the obligation to purchase when the lease is done. When you decide not to make the purchase then all that happens is that the contract expires. This can be agreed on when the contract is signed but in most cases it is higher than the current market price. In some instance this can be agreed to be the based on the market price in the future.
The other pointer that you should note is that there is the issue of the rent. When you are doing this, some of the things that you should note is that the time period to rent in most cases is three years. A percentage of each rent will be applied to the purchase price.
The other thing that the contractor will specify is the contract price. Some sellers will put the rent higher than the going rate so that they can accommodate the credit you are getting.
When you are dealing with the maintenance, some of the things that you should note is that it is based on the maintenance. When you are dealing with the maintenance, some of the pointers you should put in mind are that the contract should be clear. the last thing that you need is to have an issue because it is not clear who is supposed to what. This is one of the things that you need to be certain that you end up getting nothing but the best results. Should you are not to certain some of the things that you should note is that you should get an attorney to aid you.