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  1. #1
    Join Date
    May 2008
    Posts
    1

    Default Rent To Own And Timing Of Payments

    My question involves real estate located in the State of: Wisconsin

    I''ve had my home listed for a few months without much activity. I have a couple interested in a lease option or rent to own situation. I have a quick question about this.
    Let's say we agree on a 12 month lease with a purchase price of $175,000 and a 3% refundable option ($5,250) and montly rent of $1,500 with $300 refundable at closing.

    My question is if all goes well and they honer the contract, at closing do I have to physcially write them a check for $8,850 (option + rent credit) or is this simply deducted off the purchase price of the home.

    Thanks,

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Rent To Own And Timing Of Payments

    It's my understanding that you can do that either way.

    Consult an attorney to have a proper contract drawn up and save yourself some worry.

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