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Rent to Own Homes in Oklahoma

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Benefits of a Rent to Own Property in Oklahoma

An Oklahoma rent to own property is a real estate agreement between a landlord and a tenant that combines both renting and buying an Oklahoma property. A rent to own property agreement is favorable to both parties the majority of the time. The advantages are numerous for both the tenant and the landlord.

Benefits to the Landlord/Seller:

It is a chance for a landlord to sell a house to a person who may or may not have good credit. This is important since it increases the chances of the landlord getting a buyer for the property. In most cases, the tenant will eventually get access to financing since the agreement can repair their credit.

It is a good way to do away with mortgage payments. Landlords selling their home get a tenant who pays monthly rent and eventually buys the house, completely taking it off the hands of the landlord.

Tenants who eventually buy the property take better care of the house since they will be the eventual owners of the house. This is much better than a regular tenancy agreement.

Ownership of the house remains with the landlord until it is bought by the tenant.

Benefits to the Tenant/Buyer:

The tenants get access to financing options, namely mortgages in a period of between 1 and 2 years.

A rent to buy property in Oklahoma can help a tenant to repair his/her credit. This is the case when landlords report the timely payment of rent to credit reference bureaus. This increases a tenant's chances of getting financing from banks and other financial institutions after a period of time.

A rent to own property tenant in Oklahoma gets adequate time to live in the neighborhood. This enables the tenant to evaluate the locality and make a better decision on whether to buy the house at the end of the tenancy agreement. A rent to own property does not force the tenant to buy the property at the end of the specified rental period.

There is only a small percentage of the sale price that you have to pay as down payment. The amount can vary depending on the contract, but is usually around 3%, a small percentage compared to the 10% to 20% that people are required to pay on a mortgage.

A tenant's credit does not have to be perfect in order to get into a rent to own property agreement. The agreement can in fact be a method of fixing the credit of the tenant when he/she pays the rent on time.

Tenants are able to move into the house immediately without waiting for an approval process by a bank, home inspections, etc. This process could sometimes take weeks or even longer. This is especially beneficial when the tenant doesn't have a place to stay.

There is no obligation on the part of a tenant to get financing immediately. A rent to own property tenant in Oklahoma can wait for several years before getting financing. During this time, the tenant can work on repairing his/her credit by making timely rental payments.

Appropriate legal advice should be sought at every point of the agreement by both parties. This is to ensure that there is a legal solution for any situation that may arise. Be sure to read the rental agreement before signing it.

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