One of the greatest satisfactions I believe a young person can have is buying and owning his or her first home. More than buying and owning a car, the home is a status subject, shelter, and castle. From the home will come the future husband or wife, children, family and happiness … unless in the process a dark shadow falls over the land and disappointment frustrates the ideal.
In my practice, I have seen many varieties of rent to own contracts. Who ever came up with the concept should be sentenced, for the rest of eternity, to suffer, as traitors to their homeland, in the 9th circle of Dante’s inferno. The come on is for unsophisticated investors to advance sums of money as a buy in to a rental contract. Once the advance rent is deposited with the owner (landlord) it is non-refundable. The tenant does not improve his situation, rather, he is tied to a one sided agreement for the benefit of the landlord who may or may not have title to the real property or have the right to deliver a warranty deed after the term of the contract is consummated.
On the slightest pretext the tenant can be evicted without a judge being able to save him/her or them.
I could go on ad nauseum and I will later. If it says rent to own … run and don’t look back.