[Claudia]

Have you heard of people buying houses and properties on a rent to own basis? It's called getting a "land contract" which means you just pay the owner just as you pay rent. You are still responsible for the maintenance of the property and house and the taxes. I have never heard of this before today. It looks like someone would want to get rid of a house badly to agree to something like this.

[JordansMom]

I can't imagine someone doing that unless it's a family member. Do you have to have a contract? I'm sure you do, it would be financial suicide otherwise.

[happygal]

I've seen and heard of these for many years. The owner of the house holds the mortgage for the buyer of the house. Usually it's just a portion of the rent that goes towards the purchase. The buyer can also back out but they lose what they put in.

[Bella]

I've been hearing about rent to own contracts for a long time. It's a good way to go for some people, but, like happygal said, only a certain amount of the monthly payment actually goes toward the purchase. So, you basically pay rent and at the same time accumulate money toward buying the house.