2007-11-15 11:38:34 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Youre technically paying rent until youve paid enough rent to equal the cost of owning it. After that, its yours!
2007-11-15 11:46:24 · answer #1 · answered by ♥GinaBeena♥™ 4 · 0⤊ 0⤋
The people have a price that they want to sell the house for. You sign your agreement. You pay money just like you are renting it and when it is paid off, it is yours. If you are late on your rent payments though, you can lose the place. I'm sure they come out much better then just selling it out-right but it is a good way to buy a place though.Just read your contract real good.
2007-11-15 19:50:29 · answer #2 · answered by Ava 5 · 0⤊ 0⤋
It means that part of your rental fee goes towards the purchase of the product, meaning that eventually you will own it. It makes sense in some situations but really its just an easily available high interest loan. You are usually better off saving up and paying cash.
2007-11-15 19:42:43 · answer #3 · answered by megalomaniac 7 · 1⤊ 0⤋
Most RTO contracts are for a year or two, after that you must obtain your own financing and pay the landlord off.
All RTO contracts are negotiable between the buyer and seller.
2007-11-15 21:13:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋