Is renting to own a home a big scam if they ask for a downpayment first?

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jmbs_78

Is renting to own a home a big scam if they ask for a downpayment first?

brandiejs1979

not necessarily....they can pretty much make and terms they want....just make sure you sign a deed stating exactly how much the house is, how much you put down, and how much you will pay a month.....and your best bet is to have an attorney look at the paperwork before you sign

akc1106

No, it's normal to make a down payment on a rent to own transaction! It proves your intent to purchase the property. If you think it's a scam, have a real estate attorney review the contract for you.

angie n

long as you have a written agreement over the let and remember it is very important that the inventory is correct if not then you'll lose out when you move on you stand to lose your deposit, some people wait for a long time to have there deposit returned so its a good idea to have this in writing too over looking this will impede you when you move on

ICHOOSETOTELLTHETRUTH

There's laws they have to go by but laws are different in each state on things so this site http://www.uslandlord.com/ will help you...they have legal resources and much more.

Just go to Laws & Statutes and then your state.

Here's another way the can talk to an attorney live chat http://www.lawyers.com/ if needed from there they can give you help in your town ( city ). Its all all the site.

canela

Do you mean that you want to rent with an option to buy and the owner is asking for a month or two of rent up front as a security deposit? If so, that is not unusual. The money is refunded at the end of the lease (or when you move out) or should be applicable to the purchase if you decide to buy. If you leave and there is damage then the security deposit can be used to repair it. Have a lawyer look at your rental/lease agreement.

startwinkle05

You would have to put a down payment on a home if you were buying it from a bank so why not if you are renting to own? It would probably be partly a security deposit and partly a down payment.

Simmy

would think so.

Kutekymmee

yes.

you're much better off buying a home yourself, then you get the tax break for mortgage interest. if you 'rent to own', the person you pay rent to gets to take this tax break.

bluedoggy2006

Rent to own with downpayment. It sounds like your landlord bought this house with a bank loan and your making the payments on it. Your landlord is basically setting the price for you to buy it. At what point is the house yours and will he be able to break that contract in the final months of your payment? Better to get the loan and buy a house from the bank and make the monthly payments to them instead of some shady landlord.

mariyaz

If you do not check a company before entering into a transaction,
you could lose your money, time and credibility. Some widely used resources are the Better Business Bureau (www.bbb.org) and the national fraud center ( www.fraud.org) These days, you can easily find out more about a company using the internet in a few minutes. From a company's website, you can get details about its ownership how old the company really is and feedback from the company's customers. You can find more,detailed information about a company at http://tinyurl.com/gtb89

smack

no...you mean rent with an option to buy?...your going to put a downpayment on anything even if you rent only...but maybe it would be better to just buy then so check the difference in downpayment.

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