SELLER NOT TO LEASE PROPERTY
In a traditional home purchase method, the potential buyer approaches the seller not to lease property but to ask for its ownership after accepting the offer in question. But what does the potential buyer do in case he doesn’t have the necessary funds to buy the place?
Rent-to-own is a feasible option for the people who wish to live in their own home but are not able to pay the lump sum amount in one installment. Herein, the buyer deposits a certain percentage of amount as a down payment and the balance amount is expected to be paid over the time of lease or as per the terms put forth by the seller. The advantage to the buyer is that he gets to shift into his new home immediately after paying off the down payment amount. The option to buy home at the end of the contract lies with the buyer. Suppose, the contract states the balance amount to be paid in a span of three years, and then the buyer is supposed to pay it in installments in the form of rent, usually each month. Again, it varies according to the contract made. If a buyer is unable to meet any of the terms and conditions required to be fulfilled, the contract becomes void.
It is advisable to the potential buyer to read and understand each and every word of the contract before getting into it. F the buyer fails to purchase the property, but has the legal obligations to do it, the matter proceeds in court.
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