JSC Rent to Own Homes
FAQs - Frequently Asked Questions
Q: I have
a listing on your website. How do I request changes to my listing?
A: Please use our ad maintenance
form. Instructions are on that page.
Q: I requested you to delete my ad, but you just
deleted all contact information. Why?
A: We leave the page on the site excluding your contact information
to enable search engines to update their databases which will
remove your contact information from their files. If we simply
delete your ad, your contact information would always be available
in their cache.
Q: What is
a Lease Purchase?
A: Lease purchase goes by many names such as 'rent to own' and
'lease with an option to purchase'. The definition is: A Lease
Purchase is a Rental (or Lease) and a Purchase Agreement combined
(and sometimes split) with the ability or right to purchase or
control specific terms of an agreement while the realestate home
is being rented. Lease Purchases are also known as 'rent to owns'
or 'lease option agreements'.
Q: Why do
lease purchases work?
A: Because the typical realestate home sales process creates
an adversarial relationship whereby the buyer wants to pay as
little as possible while the seller is attempting to get as much
as they can. Then you throw in the complications associated with
a realtor, bank, escrow agents, etc. With the lease purchase,
you can avoid all these headaches. The seller usually receives
market price for their realestate home, avoids realtor commissions
of 6-7%, and receives enough rent to cover the mortgage expenses
on the realestate home. The buyer also wins because they can
lock in the price of the property, have a generous portion of
their monthly rent credited toward the purchase price, and begin
building equity while paying the rent. The Lease Purchase is
a win for both parties involved.
Q: What are
the advantages for the buyer of a lease purchase?
A: Low Down Payment (typically 2.5% - 7%), Rent money is working
for you, 100% of Option consideration is credited, Price is locked
in, appreciation, time to check out the realestate home and neighborhood,
control of the property.
Q: What are
the advantages for the Seller/Landlord?
A: Top Sales Price, large market of available buyers, higher
quality tenant-buyer, above market rent, non-refundable option
consideration, maintenance done by tenant-buyer, Seller remains
on Deed, Seller retains tax shelter, no long vacancies.
Q: What is
Option Consideration?
A: The Option Consideration is defined as follows: Option money
is the non-refundable funds paid up front from the tenant/buyer
in order to make the deal binding. In order for any contract
to be binding and irrevocable, there must be a commitment by
both parties in either payment and/or performance. Option Consideration
is a meaningful amount, typically 3 to 5 months rent or 2 ½
% to 5% of the purchase price and is usually 100% credited toward
reducing the purchase price. Some lending institutions may allow
the option consideration to be considered as down payment for
the loan (this varies by lender).
Q: What is
Rent Credit?
A: Rent Credit is the amount of paid rent that is credited toward
the purchase price of the realestate home. Rent credit only applies
if the rent is received by the landlord/seller on or before the
due date (typically the 1st of the month). Late payments (even
1 day late) received will not have a rent credit for that month.
What
does "This site monetized by Google AdSense" mean?
A: Google places ads
on our site, and we get paid a small commission if you simply
click on the ad. You are under no obligation, and we are able
to use the funds for the maintenance of this website. This is
how we can keep everything free.
What is Google +1?
It is Google's way to enable you to tell them if you like a site.
For their explanation, click here.
Q: I asked you to delete my ad, but it continues
to show up on the search engines. Why?
A: Search engines crawl (visit and copy) all websites. They build
and maintain their own information (databases). This is usually
called "cached pages". When someone searches for something
they are interrogating the search engine database, not the actual
website. We always perform requested ad maintenance (including
deletes) on a timely basis. Furthermore we periodically delete
old ads to keep the information current. However, we have no
control over when, or if, a page will get deleted from a search
engine's cache. It may take quite a bit of time. If you are concerned
about showing certain types of information on the Internet, DON'T
DO IT! This is one reason why we give you an Information Notice on the page you complete to create your
ad (click
here to see the notice). We do not publish certain information
unless you authorize us to do so.
Q: How can
I tell if my ad has been deleted from your website, but not the
search engine?
A: When you are viewing
the page from the search engine that contains the information
of concern, there is a link a the top of the paragraph. If you
get an error message that says something like "error code
404 - page not found", that means the ad does not exist
on our website. Toward the end of the paragraph, you will see
a link that says "cached". When you click on that,
you will get a page that shows what the search engine has in
its database.
Q: How do
I get the search engine to delete the information from its website?
Can you help?
A: You have to contact
the search engine yourself. We are not able to help you.
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