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The Watercooler
For anyone astute about real estate....could use some help
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<blockquote data-quote="flutterby" data-source="post: 539285" data-attributes="member: 7083"><p>"Rent to own" is a legal term that can mean many things in different states. In Ohio, rent to own just means that a person rents the house with the option to buy it at a later date, but there are no legal rights transferred until the house is purchased (a land contract is what you want to do here if you want legal rights). He will need to look over the contract he signed. Also, most people and companies who rent don't report to the credit bureaus. If he ends up evicted through the court system that would show up, but if he works it out with the owner he should be fine.</p></blockquote><p></p>
[QUOTE="flutterby, post: 539285, member: 7083"] "Rent to own" is a legal term that can mean many things in different states. In Ohio, rent to own just means that a person rents the house with the option to buy it at a later date, but there are no legal rights transferred until the house is purchased (a land contract is what you want to do here if you want legal rights). He will need to look over the contract he signed. Also, most people and companies who rent don't report to the credit bureaus. If he ends up evicted through the court system that would show up, but if he works it out with the owner he should be fine. [/QUOTE]
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