Rent to Buy or Rent to Own is a simple process that allows the buyer to rent a property for a contracted period of time and at the end of that period have the option to buy the property and possibly get back some of the rental monies paid.
Because there are not pre-set contracts the contract term and pre-paid rental discounts are negotiable between landlord and tenant.
Rent to Buy and Rent to Own is becomming increasingly popular with buyers that are not in a financial position to purchase their dream property out right, right now.
Contracts between Landlord and Tenant should be drawn up by a solicitor and contain the following:
Length of contractValue of monthly rentalProperty purchase valueDiscount at end of contractWhen purchasing property abroad it is recommended you retain the services of a portuguese solicitor.