Owning a home of your own is a large part of the American dream. Unfortunately, it is difficult for some Pennsylvania residents to qualify for a real estate purchase through traditional means.
A popular alternative for these people is buying a home through a rent-to-own situation. Under the state's real estate law, these purchases are 100% legal and could put you in a home of your own quickly. However, these deals do not come without a share of risk on the buyer's part.
We hope to educate our Brookville neighbors about these risks so that you can make well-informed decisions. With this goal in mind, we have discussed some of the buyer risks of entering a rent to own deal in sections below. We also invite you to continue reading the real estate law information published on our website to increase your education.
- If you ultimately decide not to purchase the home you are renting, you will lose any extra money you paid to the seller.
- The home may have hidden legal issues such as problems with its title that will only arise after you begin the purchase.
- An offer for you to purchase the home that you are renting could be a real estate scam.
- If the seller of the home experiences financial problems and cannot pay the mortgage, you could lose the funds that you have already invested.
Choosing a home is one of the most important decisions you will make in your lifetime. Ensuring that the transaction's benefits outweigh its risks should always be a top priority.