Rent to Own Homes

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Rent to Own Homes Free Listings

Rent to own homes, what is it? The process of renting a home for a particular period of time is called rent to own or lease to own. However, in this manner, you could always have the option to purchase the house after that certain period that is being stated in the contract. The monthly rental payment could serve as an income for the seller and part of that payment would serve as the down payment of the house. This basically explains what is rent to own homes all about. And now you can browse our huge list of Free rent to own listings and find your new rent to own home today.

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Before the two parties sign the contract, they must agree first on the kind of deal that they are involving in order for them to deal with the things at that right track. This should be realize since it is a fact that both could have the advantages as well as the disadvantages as soon as they get involve in this kind of business. One good thing about the seller is that, they might have bought a new house already but still it possible for them not to pay the mortgage of their two units simultaneously. Thus this would give them the chance to spend less. It could also be beneficial to the renters since they could stay in the kind of house that meet their standard at once and at a reasonable price.

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How Does Rent To Own Homes Work

Home ownership is a great thing, but if you are not ready for the responsibilities that come with home ownership, then you might want to try rent to own homes. We offer a huge Rent to own home free listings. Rent to own homes allows people to get a feel for home ownership before they get that big loan and lock themselves in for thirty years. This can immediately tell you whether owning a home is the right thing for you.

Rent to own homes free listings

The process of rent to own homes involves the seller acting as a lender to the buyer. The seller and buyer negotiate on a price the home will be sold at after some time.When you find a home that you wish to rent to own, you can iron out all of the details with the seller. They are often going to be more flexible with you than traditional lenders are. For example they may allow you to choose the day of the month that your payments are due and other factors that can affect your budget.

Rent To Own Homes – Best Mortgage Alternative

Many people that do not have the ability to get a mortgage can rent to own homes instead. This way, you can put down on contract that you want to buy the house and nobody else can purchase it.

During economic downturns many people rent to own homes since getting a mortgage will be hard. Investors like to rent to own homes since it allows them to acquire more properties without the hassle of getting many loans.

If you are looking for rent to own homes, it may be an arduous task since a lot of people do not know how it is done. In this situation, you should talk to the owner and explain to them the benefits of rent to own homes and get them to go along with it.

Search For Rent To Own Homes Listings Online

To begin your search for rent to own homes, start online with rent to own homes listings. But be aware there are many sites that cater to helping people find homes for rent to own but they like to charge you for their listings. Well here you don’t have to pay a cent. We are proud to say that our rent to own homes listings are Free. Check out the sites that are selling homes by owner. That way you can deal directly with the owner and talk to them about rent to own homes.

Rent To Own Homes Bargaining

The bargaining process of rent to own homes will be somewhat different from traditional home bargaining. This is because you have several ways to bargain. You can reduce the purchase price, the down payment or the rent.

If at the end of the time period and you do not get a loan to purchase the house, you will lose your down payment and other payments that you made towards the house. But at least you will not be stuck in a thirty year mortgage. If you are a home owner planning to put up your house for rent to own then you now have a clear picture on how to get things going. The same goes if you are a looking for a house but cannot afford to buy one at the moment. You also have an idea of the pros and cons of the deal. So, give our rent to own homes free listings a go and find your new home today.

How Does The Rent To Own Homes Agreement Work?

In a rent to own homes agreement (also called a lease to own or just lease purchase option), prospective buyers get to move in a home right away after the deal has been made. Of course, there are certain terms and conditions that need to be met for the contract to be validated.

Rent To Own Homes Option Fee

Option Fee – It is a fixed amount that the renter (or the prospective buyer) needs to pay to the seller. It is a one-time, usually non-refundable amount which provides the buyer an option to purchase the house in future. Note that paying the option fee does not constitute any obligation on the buyer’s part, but merely grants him the “right” to purchase the property when the contract expires.

If the buyer ends up buying the house, the option fee becomes part of the down payment. However, if the buyer ultimately decides to not purchase the house at the end of the lease, the option fee simply expires or in other words, becomes the seller’s income.

Rent To Own Sale Price

Sale Price – The sale price or purchase price of the house is an amount that the seller and the buyer agree upon before they enter an agreement or in some cases, after the lease expires. In the first scenario, the seller and the buyer agree upon a sale price that is at or higher than the current market price of the house. Once the contract is signed, the sale price is locked in for the rest of the lease term (usually 1-3 years). No matter if the housing prices rise or fall during that period, the sale price cannot change.

On the other hand, in the second scenario, the seller and the buyer agree upon a sale price when the lease expires. The price derived is based upon the market value of the house at that point of time in future.

As is quite evident, most of the buyers prefer to go for the first scenario, wherein they try to lock in a sale price, just in case the housing prices increase in the future.

Rent To Own Homes “Rent Premium”

Rent Premium – The term used here is “rent premium” and not simply rent. This is because in a lease to own option, the buyer has to pay a slightly higher amount than the typical rent for a property. The extra percentage of each monthly rent payment (called rent credits) goes toward the down payment for the property, if the buyer chooses to ultimately buy it. If at the end of the lease, the buyer cannot or does not choose to buy the property, the seller keeps all the money.

Apart from these, the buyer and seller must also agree upon necessary maintenance and repair requirements in the contract. Also included should be clear specifications about who is to incur other costs such as homeowners association fee, property taxes, insurance etc.

At the end of the lease term, if the buyer/renter decides to purchase the property, he/she can opt for a financing option (such as a mortgage) to pay the seller. At that point, the option fee and the extra rent credits earned by the buyer goes towards completing the transaction and settling the sale price of the property.

Rent To Own Homes Benefits

Benefits For Buyers

  • No need for any huge down payments
  • No need to worry about qualifying for a mortgage
  • Buyers get ample time to repair their credit history and improve their credit score
  • Buyers get ample time to build upon sufficient cash for down payment once the lease expires
  • Buyers get to “try out” the house (and the neighborhood) before they actually purchase it
  • By locking in a sale price and contract terms, buyers remove any risks associated with rise in housing prices

Benefits To Sellers

  • Rent to own process allows sellers to make profit on a house they have been unable to sell off otherwise.
  • Sellers can lock in a house at a higher price than the current market value and get rid of any price fluctuation risk in the future.
  • A buyer is more likely to buy out a house simply because of the option fee and the rent premium that has already been invested in the house.
  • Renters are more likely to treat a lease option house better if they are planning to own it in the future, than if they were to vacate in a year or so.
  • Sellers earn timely rents which they can use to pay off the old mortgage and taxes on a house.
  • Even if the buyer ultimately fails to purchase the property, sellers are left with the rental incomes (rent + rent credits) and the option fee.

Rent To Own Homes Risks

Risks For Buyers

  • Since the rent-to-own process is not tightly regulated, buyers can become victims of unscrupulous sellers who have no intention of ever selling their property. He/she can try to impose extreme or unusual contract agreements. e.g. A seller can make the contract void if the buyer fails to pay the rent on time even once and evict them.
  • Buyers “have to” pay the option fee upfront, which can still be a sizable amount. If they don’t purchase the house in future, they end up forfeiting the amount.
  • If the seller fails to pay the original mortgage on the house, it can be foreclosed and the new buyers can be forced to evict.
  • Buyers usually don’t get the rent credits back (the premium they pay on top of the usual rent) when the lease expires, if they fail to purchase the house.

Risks For Sellers

  • If the buyer backs out of a purchase when the lease expires, the sellers have to go through the entire listing process again.
  • There is always the risk of a new buyer coming along who is ready to pay a higher price for the same house.
  • If the renter can’t make rental payments, sellers might find it difficult to pay off the old and any new mortgages they might have availed after entering the lease to own option. The situation can lead to a foreclosure.

Bottom Line

Because rent-to-own homes is still not very common and not tightly regulated (as stated earlier), both buyers and sellers must obtain assistance of a real estate attorney (on either side) while making a deal. Both parties should be fully aware of their inherent responsibilities and rights concerning the property in question. Overall, while there are many pitfalls to this process, there are plenty of benefits to avail for everyone concerned as well. Sellers get to earn money off the otherwise unsaleable or vacant properties, and buyers are provided with an affordable housing option to become homeowners in near future.

Provisional patent application is developed to protect the idea of old invention from copying. Old invention here means the idea of a particular invention was developed long back but the actual product is not brought into force till date. Inventors apply for a provisional patent application when the invention has a huge commercial demand and also to avoid the risk of unauthorized use of the idea.

Create a drawing of your invention to polish the idea on the invention. Patent law requires patent drawings to understand the details of the invention, its purpose and usage. The invention drawing or the patent drawing must disclose the details of the invention features. The drawings must be filed along with the provisional patent filing as explained in https://www.techtimes.com/articles/246245/20191127/why-inventhelp-is-essential-for-entrepreneurs.htm. The drawing must be in the particular form and should follow the rules of patent drawings as defined by the United States Patent and Trademark Office’s.

A cover sheet is also required to at the time of submitting the provisional patent to the USPTO. The cover sheet must contain details like invention title, inventors/inventor names, addresses, contact and correspondence details, patent attorney details like name and registration numbers, and any member interested in the invention.

After completing the formalities of provisional patent filing, the effective filing date of the particular patent is established and is sealed with a mark called “patent pending”. This will last for a duration of one year from the date of provisional patent filing.

It is required to conduct investigations of the previous inventions. This is to make sure that the invention is purely true, and it does not have any relation with the previous inventions. After verification of the provisional patent application, the patent examiners will start with the “prior art” process.

This process is for finding any similarities or duplication of idea of any previous inventions. In case of similarities with earlier inventions, the examiner will not grant the provisional patent application. Therefore, it is necessary to hire a patenting agency, like InventHelp, and conduct a basic patent research to avoid wasting time and efforts in the filing process.

Filing and getting a patent cannot happen over a night. Getting a patent is a tedious task. It requires time and understanding of the patent to file and get the patent for the invention or a product. As explained, Paten is a legal document that protects the invention from unauthorized use. It takes time to fill the patent application form and processing the form to grant the patent.

One can apply for different types of patent. Patent can be applied for product, utility, and designs. Patent application is not a simple procedure. It is a complex legal document and should be prepared by a trained patent attorney. The basic instructions to be followed in getting a patent on a product are given below.

Visit websites of patent application guidelines. You can visit the site guide to product patent applications available on USPTO website. This site gives the detail procedures like patent meaning, patent types, fees structure, things to include in the application and drawing guidelines. It is good to take a print copy of the application process to get into details point by point as shown on https://www.ispot.tv/brands/dQR/inventhelp.

Get the details of the product patent fee structure in detail. The patent application process from the time of filing till the patent grant process requires fees. This payment is done on a slot basis. Certain fee structures are included in the processing of patent application. It is absolutely necessary to know the lump sum fess that will be required for getting the product patent.

Give detailed idea or description of the product invention. You should gather the required information expected by the patent office. To make sure that you have all the information in your patent application, it is necessary to include brief history of invention background, product invention benefits and purpose of inventing the product as explained in this article on https://www.tmcnet.com/topics/articles/2018/06/13/438460-how-inventhelp-change-business-destiny.htm.

This should be explained by using diagrams and drawings with descriptions. Try to explain the technical as well as non-technical applications of the product as simple as possible. You need to include whatever the product can do. It is also required to ensure that your product is an original one, not a duplicate.

Imagine, you have just invented something that will make life easier and simple, and you want to protect the invention from being copied or used by others without your consent. For this you need a patent to protect the invention.

Patent is a legal procedure of getting the right of manufacturing and selling the product to make money. At the same time, it also ensures that the invention is protected from misuse or copy of the idea under legal protection acts. But it requires time, effort, and of course, high fees to obtain a patent.

You might be thinking on ‘how to afford the fees to obtain a patent’? The cost of getting a patent has increased, and it’s really hard to meet the cost of patent fees. Getting a patent for free is not impossible, but it needs enough knowledge of patent and legal procedures of obtaining it as was described in this story on https://www.licensingexpo.com/vibe.

Here are the necessary procedures of obtaining a patent for free. You will find no patent attorney, court procedures, legal hearings and juries in the process. But you should ensure to follow the entire guidelines outline in the Patent and Trademark Office to obtain the patent for free.

Give detail description of the invention on a piece of paper. You need to get two to three persons for witness while documenting the invention. The document should detail all the invention features and its advantages.

Think on protectable invention. The process requires knowledge of patent legal procedures and common sense. In this step, it is required to set the new invention into a Patent and Trademark Office’s broad categories. The idea is to create the sense of feeling that the invention is unique and great.

Determine whether the invention is qualified enough to get a patent. It is required to research on the previous inventions and its associated developments. This requires searching a list of patent’s data and directories to find any related inventions. This is somewhat confusing, but can be mastered through constant practice.

After completing the patent search, it is necessary to answer whether the invention is something new and different from the previous invention or is your invention something really appreciable? It’s simple to prepare the answer by comparing the earlier invention with the existing one.

Now, you can start the drafting and filing process of Patent Application. Try to break the patent application document into different parts. Fine example is to give an overview of invention background, illustrate the invention with the use of flow charts and drawings, describe the aspects and structure of the invention.

The steps defined above do not require a patent attorney. You can request someone in the patent office to review your patent claims. This will be done definitely free at cost.

After completing the filing of patent, you should be ready to reply all the objections and queries of the Patent Office. This process is simple and does not require any hard and tough legal principles. You can also negotiate for the best patent and continue with the Bureaucracy until the Patent gets issued.

To get a patent for free, it is required to have knowledge and imagination. Many inventors have obtained free patent without the involvement of patent attorneys and high fees. With the help of a free patent examiner, it is possible to get patent.

Obtaining a free patent requires overall understanding of the invention and patent obtaining procedures. It is required to know the art of describing the invention in detail to get a free patent. Learning and applying the basic steps of obtaining patent for free is not that complex and it was very well explained on https://www.dailypress.com/blogs/dp-ugc-article-inventhelp-provides-the-necessary-help-to-nav-1-2019-01-03-story.html.

However, people with little patent knowledge will find it difficult. But by following the free patent obtaining process steps, you can save the money in your pocket and at the same time, reward yourself with a valid patent free of cost for your invention.

A person’s mind is full of vague ideas which once received a concrete shape need to be protected from being misused and copied. With the pursuit of ensuring safety and protection on an invention or idea patents were introduced. The patents are the legal right provided by the governing bodies to a person with a unique invention.

However, patents are not granted that easily, a government’s representative conduct a patent search to make sure that invention is unique. However, individuals can conduct free patent search on their level to gauge the novelty of the invention.

Patent searches can be conducted for free of cost. The free patent searches includes online search as. Internet is the hub of knowledge. It carries the information of millions of books. Historical happenings and present scenario are all available on internet in the form of open book which can be read by anyone as you can read from https://www.linkedin.com/company/inventhelp.

Free patent searches enable a person to get the in-depth information of any desired field. Suppose you have the invented a unique calculator then you can find vast information about the history of the calculators. Moreover, the present prevalent trend and features of calculators would also become known to you.

Internet as free patent search engine, helps an individual not only in getting information about a product but also help in knowing and understanding the possible changes that one can make in a particular product. There are many websites and search engines available on internet which are free to use and highly useful.

Next to internet, the second source of free patent search is Library. One can always go to the US Patent and Trade Mark Library to gather the information of a particular product, you can read more about it from https://www.indeed.com/cmp/Inventhelp. Lets again take the example of calculator. The calculators have been in use for past many years, there are a number of calculators like the one with batteries and the one without better, which runs on solar energy. Suppose you come up with an invention of calculator which is self powered and never needs to be charged then you can always look up at the type of calculators which have already been created.

Knowing the background of the product can save your time of re-inventing the product. When the patent application is submitted to the patent examiner, he or she also conducts patent search. The patent search is conducted with the pursuit of checking the novelty of the innovation. Therefore, it is advisable that free patent search should be conducted by the inventors.

Free patent search can not only save time but also money. A large amount of money is spent by the inventor for the creation of the invention. This money can be saved from being pasted by conducting free patent search.

If you have knowledge in getting a patent, it is okay if you are the one who will apply for it however, you should know that during the application, it takes a lot of time, effort and you should have enough patience. If you do not want to experience the lengthy application process, then hiring a professional on this area is advisable.

Take note that if you hire someone, this someone is an attorney so it means that you have to spend a lot of money. Saving money is also important that is why you should know the process and the things you need when filing a patent.

Lawyers are not necessary when getting a patent. In order to obtain a patent you should ensure that your invention qualifies for the requirements needed in applying patent and you should be confident and knowledgeable in discussing all the aspects related to your invention as was discussed in https://www.crunchbase.com/organization/inventhelp article.

If you are a type of person that is not confident in speaking, it is not a problem at all. You will be used in speaking many times regarding your invention. The basic steps of getting a patent are helpful so that you will have a perspective of what are the things that will happen during the patent application.

The first thing you should do is to keep a good and complete record of your invention, the process and the improvement of your invention. Make a description, diagram or drawing that may illustrate the invention.

You should have a prototype as well because this will be the product you will be doing the test. In every test and changes the signature and date is very important and the presence of at least two reliable witnesses. Second, is to ensure that the invention you did will qualify for getting a patent. The invention should be new and will be of help in the country.

The invention should not be reproduced to the public after a year from the day of patent application. Third is to assess potential of your invention to be commercialized. It can be a good business venture for you. Approximately the application process will cost you 1500 dollars as you can find on https://en.m.wikipedia.org/wiki/INPEX.

Be certain that before you spend more than a thousand dollars your invention should be worth and possibility of the people in buying it is high. Do a search as well, because if you have a similar product with another person your application will be denied. Lastly, prepare and file for getting a patent to the USPTO.

Upon the application, this will be the start of the very stressful but challenging part on getting the approval for patent. Not everyone who will apply gets the approval, most of the applicants will get denied for some reasons so when you get the approval it is very fulfilling on part of the inventor.