We are interested in renting a home to own. How does this work?

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We are interested in renting a home to own. How does this work?

Asked on June 4, 2009 under Real Estate Law, New Jersey

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

You need to locate a homeowner that is willing to agree to these terms.  The way this works is that you put down money (a depsit) to secure your right to buy the home.  You then pick a purchase price and date to either exercise your right to buy or leave the home or enter into another lease term.  you need to know however, that if you do not let the owner know that you want to buy the home wihtin a certain agreed upon date (usually 2 months b4 the end of the lease), you lose the deposit you put down.  if you exercise the option to buy you can have that money go towards the purchase price.


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