If you decide that you no longer want to buy the house, you lose the initial money you paid for the contract. But there could be certain circumstances if we can still opt out of the contract. Here are some steps to do this: Rent to own Contract is a kind of contract that mixes the terms of a lease and a sale of real estate. The purpose of the property for rent is the same property for sale that the tenant has the opportunity to own the property he rents. Such an option to sell to the taker may be exercised or agreed by the parties at a later date after a certain lease period or immediately after the start of the lease. Before signing the lease, the parties negotiate a purchase price of the property. It is recommended not to negotiate the price at a later date, as the collection of the option fee must allow the tenant to purchase at any time throughout the lease. The amount of money agreed on remains unchanged for the duration of the lease. It is recommended that homeowners negotiate a price slightly higher than market value because of the likelihood that the home will be valued. As a general rule, the option to purchase the property is only available for a predetermined period of time. Declare the first calendar date at which the buyer/tenant can purchase the property on an empty line between the term “Start a period” and the label “month, day, year,” and then indicate the last date of the calendar at which the buyer/tenant can purchase the property in the empty second line. The next section, which requires attention, “6th consideration option,” should have the written and numerical dollar amount that the buyer/tenant must pay to the seller/landlord for the option to purchase the property in accordance with this agreement.
This payment is non-refundable as long as the seller/lessor complies with its obligations and is applied to the purchase price as a credit to the buyer/tenant at the time of purchase. Use the empty lines in the words “… A non-refundable amount,” to record the amount the buyer/tenant must pay for this option. In the section entitled “7th Purchase Price,” the total amount of money for which the “seller/renter” will sell the property in question to the buyer/tenant must be produced on the first two empty items. This amount should first be tendered in words and then numerically.