A rent-to-own agreement for a mobile home can provide the best of both worlds. It gives you time to come up with funding while securing a potentially good residence in the meantime. Also known as a lease option, this type of contract allows you to enjoy a home with the rights and privileges of a tenant, and gives you priority as a buyer. A rent-to-own agreement should outline the rental period, the rent amount, allocation of costs, and the future purchase price of the mobile home. It also must state the portion of rent that will apply toward your purchase.
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You might opt for a rent-to-own contract rather than a traditional purchase if you:
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