Rent To Own Homes

Rent-To-Own Homes - How Does Rent To Own Work

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Rent To Own Homes – Lease To Own

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The process of renting a home for a particular period of time is called rent-to-own or lease to own.

However, in this manner, you could always have the option to purchase the house after that certain period that is being stated in the rent-to-own agreement. The monthly rental payment could serve as an income for the seller and part of that payment would serve as the down payment of the house. This basically explains what is rent to own homes all about. And now you can browse our huge list of rent to own homes and find your new home today.

How Does Rent To Own Homes Work

Home ownership is a great thing, but if you are not ready for the responsibilities that come with home ownership, then you might want to try rent-to-own homes. Rent-to-own allows people to get a feel for home ownership before they get that big loan and lock themselves in for thirty years. This can immediately tell you whether owning a home is the right thing for you.

Rent to own homes

Rent to own homes involves the seller acting as a lender to the buyer. The seller and buyer negotiate on a price the home will be sold at after some time. When you find a home that you wish to rent to own, you can iron out all of the details with the seller. They are often going to be more flexible with you than traditional lenders are. For example they may allow you to choose the day of the month that your payments are due and other factors that can affect your budget.

Rent-To-Own Homes is Mortgage Alternative

Many people that do not have the ability to get a mortgage can rent to own homes instead. This way, you can put down on contract that you want to buy the house and nobody else can purchase it.

During economic downturns many people rent to own homes since getting a mortgage will be hard. Investors like to rent to own homes since it allows them to acquire more properties without the hassle of getting many loans.

If you are looking for rent to own homes, it may be an arduous task since a lot of people do not know how it is done. In this situation, you should talk to the owner and explain to them the benefits of rent-to-own agreement and get them to go along with it.

One good thing about the seller is that, they might have bought a new house already but still it possible for them not to pay the mortgage of their two units simultaneously. Thus this would give them the chance to spend less. It could also be beneficial to the renters since they could stay in the kind of house that meet their standard at once and at a reasonable price.

The Rent-To-Own Homes Agreement

In a rent-to-own agreement (also called a lease to own or just lease purchase option), prospective buyers get to move in a home right away after the deal has been made. Of course, there are certain terms and conditions that need to be met for the contract to be validated.

  • Rent To Own Homes Option Fee

Option Fee – It is a fixed amount that the renter (or the prospective buyer) needs to pay to the seller. It is a one-time, usually non-refundable amount which provides the buyer an option to purchase the house in future. Note that paying the option fee does not constitute any obligation on the buyer’s part, but merely grants him the “right” to purchase the property when the contract expires.

If the buyer ends up buying the house, the option fee becomes part of the down payment. However, if the buyer ultimately decides to not purchase the house at the end of the lease, the option fee simply expires or in other words, becomes the seller’s income.

  • Rent To Own Sale Price

Sale Price – The sale price or purchase price of the house is an amount that the seller and the buyer agree upon before they enter an agreement or in some cases, after the lease expires. In the first scenario, the seller and the buyer agree upon a sale price that is at or higher than the current market price of the house. Once the contract is signed, the sale price is locked in for the rest of the lease term (usually 1-3 years). No matter if the housing prices rise or fall during that period, the sale price cannot change.

On the other hand, in the second scenario, the seller and the buyer agree upon a sale price when the lease expires. The price derived is based upon the market value of the house at that point of time in future.

As is quite evident, most of the buyers prefer to go for the first scenario, wherein they try to lock in a sale price, just in case the housing prices increase in the future.

  • Rent To Own “Rent Premium”

Rent Premium – The term used here is “rent premium” and not simply rent. This is because in a rent-to-own option, the buyer has to pay a slightly higher amount than the typical rent for a property. The extra percentage of each monthly rent payment (called rent credits) goes toward the down payment for the property, if the buyer chooses to ultimately buy it. If at the end of the lease, the buyer can not or does not choose to buy the property, the seller keeps all the money.

Apart from these, the buyer and seller must also agree upon necessary maintenance and repair requirements in the contract. Also included should be clear specifications about who is to incur other costs such as homeowners association fee, property taxes, insurance etc.

At the end of the lease term, if the buyer/renter decides to purchase the property, he/she can opt for a financing option (such as a mortgage) to pay the seller. At that point, the option fee and the extra rent credits earned by the buyer goes towards completing the transaction and settling the sale price of the property.

Rent To Own Homes Pros

Buyers

  • No need for any huge down payments
  • No need to worry about qualifying for a mortgage
  • Buyers get ample time to repair their credit history and improve their credit score
  • Buyers get ample time to build upon sufficient cash for down payment once the lease expires
  • Buyers get to “try out” the house (and the neighborhood) before they actually purchase it
  • By locking in a sale price and contract terms, buyers remove any risks associated with rise in housing prices

Sellers

  • Rent to own process allows sellers to make profit on a house they have been unable to sell off otherwise.
  • Sellers can lock in a house at a higher price than the current market value and get rid of any price fluctuation risk in the future.
  • A buyer is more likely to buy out a house simply because of the option fee and the rent premium that has already been invested in the house.
  • Renters are more likely to treat a lease option house better if they are planning to own it in the future, than if they were to vacate in a year or so.
  • Sellers earn timely rents which they can use to pay off the old mortgage and taxes on a house.
  • Even if the buyer ultimately fails to purchase the property, sellers are left with the rental incomes (rent + rent credits) and the option fee.

Rent To Own Homes Cons

Buyers

  • Since the rent-to-own process is not tightly regulated, buyers can become victims of unscrupulous sellers who have no intention of ever selling their property. He/she can try to impose extreme or unusual contract agreements. e.g. A seller can make the contract void if the buyer fails to pay the rent on time even once and evict them.
  • Buyers “have to” pay the option fee upfront, which can still be a sizable amount. If they don’t purchase the house in future, they end up forfeiting the amount.
  • If the seller fails to pay the original mortgage on the house, it can be foreclosed and the new buyers can be forced to evict.
  • Buyers usually don’t get the rent credits back (the premium they pay on top of the usual rent) when the lease expires, if they fail to purchase the house.

Sellers

  • If the buyer backs out of a purchase when the lease expires, the sellers have to go through the entire listing process again.
  • There is always the risk of a new buyer coming along who is ready to pay a higher price for the same house.
  • If the renter can’t make rental payments, sellers might find it difficult to pay off the old and any new mortgages they might have availed after entering the rent-to-own option. The situation can lead to a foreclosure.

Bottom Line

Because rent-to-own homes is still not very common and not tightly regulated (as stated earlier), both buyers and sellers must obtain assistance of a real estate attorney (on either side) while making a deal. Both parties should be fully aware of their inherent responsibilities and rights concerning the property in question. Overall, while there are many pitfalls to this process, there are plenty of benefits to avail for everyone concerned as well. Sellers get to earn money off the otherwise unsaleable or vacant properties, and buyers are provided with an affordable housing option to become homeowners in near future.

Is Mobile Dog Grooming Good Option?

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Mobile dog grooming is a relatively new and rapidly growing business in Boca Raton. It is an alternative to traditional dog grooming services. Mobile groomers visit the customer’s home or workplace, or set up a mobile grooming station in their driveway, to provide the same service as a professional groomer.

The process usually starts with a consultation to discuss the customer’s needs and expectations, followed by clipping and brushing of the dog’s fur. The groomer will then cut any hair that is too long, clean the ears and eyes, trim nails, and bathe the animal using special shampoos. Finally they will dry off their fur with a high-velocity dryer before leaving them with their owner feeling fresh and clean.

Mobile dog grooming Boca Raton is a service that is becoming more and more popular. This is because it offers a number of benefits to the dog owner and their pet.

One major benefit of Mobile Dog Grooming is that it can be done in the comfort of your own home. This means that your pet will not have to go through the stress of travelling to a location, which can be hard on them. They will also not have to endure any loud noises or crowds, which they may find uncomfortable.

Another benefit of Mobile Dog Grooming is that it allows you to get a groomer who you know and trust, instead of one you don’t know. You can find someone who has experience in grooming dogs and knows what they are doing, rather than taking a risk with someone new or inexperienced.

Roof Repair or Roof Replacement – The Thousand Dollar Question!

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If you poll a hundred roofers Pittsburgh contractors about what the most frequently asked question they hear from clients is, I’ll bet that it is this one:

“Should I repair or replace my roof?”

And it’s a difficult question to answer. There are multiple variables that come into play in making this decision, and some of them are:

1. The building’s importance to you. Suppose the only roof that’s leaking is in your garage or store room, you may tend to view it more casually than if your living room roof leaked.

2. Is there a financial implication? If your damaged roof is resulting in revenue loss in any way, repairing it promptly sounds more appealing.

3. The age and overall state of your roof. While different kinds of roofs have varying lifespans and the quality of materials used, there inevitably comes a time when it is not practical or economical to repair a worn out roof. Reroofing, then, becomes the only choice.

4. Your budget for roof repair or roof replacement. Your roof needs periodic maintenance and repairs at the earliest sign of damage. However most home owners tend to postpone any such action for as long as possible – and only act when their hand is forced.

5. The relative expense of repairing your roof versus replacing it. It is important, however, to focus on the total cost of repeated repairs and contrast it against the higher but more lasting one-time expense of a reroofing exercise.

A good roofing Pittsburgh contractor will help you with a roof estimate that computes the relative costs of repair and roof replacement. While this won’t be practical in emergency roof repair scenarios, most other circumstances permit careful evaluation and roof estimates to be made by a specialist.

It is important to consider tax implications as well. Depreciating a new roof can end up saving you money that won’t be eligible for any deducations if it goes towards repairs. When tenants are unhappy, your repair costs mount, and you get increasingly frustrated with how much money your roof repair is costing you, then it is time to bite the bullet and replace that old and worn out roof. The long-term return from that investment can be better because your replacement expenses can be capitalized.

Inventive Step Requirements for the Granting of Patents

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Every attorney practicing patent law or a patent agency has experienced the difficulty of explaining to clients the principles of patent law. This exercise is particularly challenging when the client, subjectively, has made a substantial advance which the attorney feels is not likely to support the grant of a patent.

Typically, when interviewed, the inventor will describe a number of significant features respecting his/her invention which he/she has developed and believes to be novel. Since these features apparently have not been incorporated into a marketable cartridge made by others, the inventor has the impression that a patent should be obtainable on such a device. As all attorneys and agencies, such as InventHelp,  know, unfortunately, that is not the full story. Even if the inventor has subjectively made an invention, it is necessary to explain to the inventor the distinctions of patent law and the reasons why a patent may not necessarily be granted. What follows is yet another attempt to present this explanation.

When filing for a patent, is it important to appreciate that there has to be a single focal feature in every patent which represents an advance in the field to which the invention relates. There can be other features as well, but these other features have to be characterized as embellishments. The focal feature appears in Claim 1. Embellishments appear in dependent claims. If there is more than one valuable feature, then there has to be a patent application, eventually, filed for each principal feature. Lastly, this focal feature has to be not only novel but also unobvious in view of all the prior art.

It is the job of the patent agent/attorney or the patent agency, like InventHelp patent agency, to review the advances that have been made by the inventor and to subtract from those advances features which are either already known in the prior art (even if not previously known to the inventor), and those features which are “obvious” in view of the prior art. This last criterion is an issue which bedevils patent law everywhere, with no prospect of it ever disappearing.

It is not every innovation that will support the grant of a patent. A patent may only be granted for a feature that would not normally be perceived as an available option by an ordinary, skilled workman who is knowledgeable in the art. In May of 2007, the United States added the stipulation that the ordinary, skilled workman must be assumed to have ordinary standards of creativity. Therefore, to be patentable, a feature must have an aspect of creativity which is beyond what would be expected of an ordinary, skilled workman. Furthermore, this workman, who is assumed to be free of exceptional imagination, is nevertheless assumed to be fully aware of all of the prior art. This has been summarized in the past as a: “Who would have thought….?” test. Unfortunately, this is the law in the United States, and substantially, this is the law around the world.

A Bit About Intellectual Property Law

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Intellectual property law is the governing body of trademark law. There are several branches of it, each with its own duty and its own bearing on your protection. You should understand the differences of each so as to insure that no assumption is made about them.

The first and probably the most important type of protection in property law is that of the patent. This type of law protects inventions. Patents are used to help individuals to protect the things that they invent. Anything that is uniquely designed can be patented. There are professional agencies, such as InventHelp, and attorneys providing patenting services.

With patent law, there is the ability to protect the item from others making something similar or the same, from others using the item and from others selling and therefore profiting from the item.

The next consideration under intellectual property law is copyright law. This type of law protects those that develop something that is creative that is to be used only for its intended use by that person.

Those that write books, those that design art and those that produce movies are prime examples of individuals that should find copyright law useful. This type of law protects them from anyone else copying the work, reproducing it in any way, or from distributing the work to others. Here, the goal is to protect the expression of the work.

The third and final type of property that is protected here is that of trademark law. Trademark laws actually began well back into the 13th century. It actually took place in England at that time. The goal of this first trademark was to protect consumers, not to protect the actual product in question.

The need was to protect others from falling victim to counterfeit products that were less than desirable was actually the goal of these first trademark laws.

It took until the 1870’s for the United States to adapt trademark laws. In fact, although they were used before this without registration, England as well as the United States set up actually offices that were to govern the registration of trademarks. During this time, the official office was called the Trademark Department of the United States, or England as you can read from how to patent an idea with InventHelp article.

Global Patent

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Inventions can be protected by applying patent protection across the countries globally. But the only problem is that protections of patents are territorial and allow the patentee or the owner to prevent others for a specified time period not to exploit his/her monopoly right over the patent. So it is not quite unusual that a patentee, for example, while enjoying his rights over his process patent to prevent others in a designated country, may face helplessly situations that a competitor, at the same time, is using the patented process in another country and imports the finished product by the said process to the country where the patentee holds his rights over his process patent.

Yet no applicant usually files patent application to each and every country because, the process is not only tedious but at the same time it is very expensive. The best way to be followed is to file applications in some designated countries with best possible commercial exploitations on priority basis as explained on https://www.jpost.com/special-content/hire-inventhelp-experts-for-patent-services-694280 article.

What are the procedures to overcome this situation?

A number of international treaties and conventions try bridging the gap so that an applicant gets the opportunity to file his patent application across the countries of his choice globally.

There is a concept of regional patent offices for example, European Patent Office(EPO), African Regional Intellectual Property Organization(ARIPO). An applicant can file a ‘regional patent application’ in these offices and may be granted patents over the inventions and have the same effect if the application would have been filed in each of the member countries separately as shown in https://expressdigest.com/how-inventhelp-patent-service-is-the-best-option-for-you/ post.

Another way to file an international application is PCT. This mechanism allows an applicant to file a single international application and at the same time to have the same effect of a national application filed in a designated contracting country under PCT. However, it is the discretion of the said designated country whether to grant the application for a patent or not is according to the act and laws of the said state.

The Importance of Having a Patent Attorney

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Every form of originality needs a signature: patent, copyright, trademark, etc. All these guarantee that a certain object or idea is unique. There are certain laws which protect inventors. Patent lawyers are specialized on matters concerning intellectual property and make sure that nobody violates the owner’s rights. They also help during a process with all the documents and advise the inventors.

A patent attorney has much knowledge about the technology or science and has taken the exam given by the PTO, which authorizes them to handle legal matters concerning patent law. Of course the patent lawyer needs to have a law degree before taking the PTO exam, to be able to help with all the procedures which involve rights given by the law.

The patent applications are handled by the USPTO (United States and Trademark Office), after being examined by a patent attorney or a patent agency, such as InventHelp patent invention agency, as long as he is registered and authorized.

People who are in need of a patent attorney can find one by browsing the internet or by addressing to the legal organizations found in their town or district. The USPTO site also has a database with the best attorneys and patent agents which handle their applications, so it is a good idea to use one from their website.

Any patent attorney has a law background and is authorized by the bar to handle one or more legal matters. The amount of patent attorneys and patent agents makes it hard for people to make the right decision. Approximately 22600 patent lawyers and 7200 patent agents are allowed by the USPTO to handle patent applications.

If you are an inventor and you need to find someone who will advise you and guide you through the patent registration process, you should choose an experienced lawyer or agency, like InventHelp patent an idea agency. Also, keep in mind that lawyer fees are higher than agent fees, because lawyers have higher education.

All About Patents and Trademarks

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Patent and trademarks are common words to inventors. Patent is defined as a right of the inventor of their invention. They are granted to those people who have a novel work; it protects the inventor and the invention by not allowing the usage and production of the invention without the consent of the owner. Trademark is a form of symbol, name or design used to identify a specific product of a manufacturer. It is known by the people as a brand name.

There are several types of patents and trademarks. The patents are classified as utility patents, design patents and plant patents.

The trademarks have types as well and these are service marks, certification and collective marks. Service marks are marks that is used in identifying the source of a service not on focusing on the product. Certification marks are symbols used or intended to be used in commerce by a person not necessarily the owner itself, or the work on the services that is performed by the members of organization. Collective marks are the symbols that are used as an indication that the person is a member of a specific organization. As you can see, it is not as easy as it sounds. For that reason, it would be best o hire the services of a patent agency, like patent invention InventHelp agency.

Patents and trademarks have different process for application and registration. When you register, you will have a specific and legitimate use of trademark. The advantages of having an own trademark are as follows: it gives a constructive acknowledgment to the community that you are the owner of the product or service. It gives you protection if there are problems that will arise concerning the product such as usage, selling and production of your product. The use of this trademark can also be helpful in obtaining registration to other countries. Lastly, it will give you the right to use the mark nationwide.

Patents also have benefits that will help you during and after the invention process. It reduces the competitors and gives you another form of license that you are doing the invention with the approval of the government. In situations as sudden boom of success of your invention more investors will be encouraged to work with you because your work is legal thereby increasing the value of the product and the company which is a big help for you. Patents and trademarks are both important; if you are planning to invent and produce, both should be present on your product as you can read from https://pathofex.com/invention-journey-with-inventhelp-patent-services/.

Patent An Idea

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We’re all full of ideas. Once in awhile though we come up with a thought to patent an idea that can magically transform our lives. Patent ideas aren’t unheard of anymore. In fact, people, large and small businesses, and universities come up with them all the time.

Not just anyone can patent an idea. Many of us just can’t get our ideas on paper. In order to patent an idea, we must be very thorough in our research and even more thorough on our application for the patent. Then, there’s the process of applying for the patent. To patent an idea a person must have patience and information at his or her fingertips through the entire process.

Invention Assistance

Many people get stuck when they’re in the patent idea phase. When you’re ready to patent an idea, it’s always best and less costly to have professionals, like Invent Help, on your side to offer help with inventions. However, you can do a patent search on your own to get additional information. This can also help meld your patent ideas and eventually develop them into inventions.

Consider getting a patent on your idea or invention. This is the only way to protect your intellectual property assets and, in fact, claim ownership of your patent idea. The first person who files for the patent is the one that claims ownership. This is why it’s critical to get the wheels going on your patent idea. There are companies from which you can get help for your new invention idea. This patent allows the patent holder to prevent others from making, using or selling the invention that’s described in the patent for a period of twenty years from the date that they first filed the application.

We have patent protection because it encourages people to be creative and inventive. How bad might it be to commit time as well as money creating a patent idea, only to have your creation taken on as another’s? Having said that, when you patent your idea, you will be the only person that can profit from it unless you allow another person a permit to make use of it.

How to Successfully File Patent?

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The increase in counterfeiting instances as well as goods and concepts’ introduction and marketing that come with minor alterations have necessitated the patenting of ideas, products and designs by inventors to protect their inventions. Because so much has been invented, most people who try coming up with inventions just re-invent the wheel. However, a good number of inventors have now developed a new survival tactic by earning a living from unpatented products.

The major reason that has seen some new inventors fail to patent their inventions is the time it takes to patent an invention. The process typically takes approximately 2 years with other factors remaining constant. However, if the inventor makes either small or big changes to the invention, the set period might be increased or decreased. Some other changes that may alter the period specifically causing increases are related legal procedures which add complications to the process. You need to be aware of all these aspects before you file patent.

Before you file patent, it is advisable to carry out research. The research should be so thorough so that you do not leave any resource containing patented property untouched which is a safety measure to protect yourself from patent violation consequences. You must be keen because a concept might have been twisted during drafting only to discover it is similar to the idea at hand.

Check to see if the idea or concept in question has been earlier patented by another person. If you fail to carry out research, you might end up wasting time as well money going ahead with an already patented property. Most inventors have ignored research and ended up losing a lot of money on hiring attorneys among other costs that are involved in patenting inventions.

The concepts which have already been patented are checked during the application process and therefore there are no possibilities of a patenting an invention which has already been patented. If you file patent, you must know that the application cannot be made public prior to a period of 18 months. Publicizing the application before the lapse of this period can only be done if the patent applicant places a request for early publication. Whichever the scenario, applications which haven’t been publicized can’t be refereed.

You can file patent without any assistance or use professionals during patent application. Filing patent on your own can save a lot on cost, but it is advisable to seek professional help from agencies such as InventHelp. This is because you might not be very conversant with the rules of the game. You are likely to make more mistakes and even take a considerably longer time when doing it on your own than when using patent attorneys or patent filing agencies.

With the use of experts in this field, the errors will be minimized and the deal will be perfectly sealed. Remember, there are people looking for loopholes in patent claims and when they discover a slight loophole, they make great moves. With patent attorneys, you can be sure of maximum protection to your invention.

Portable Air Compressor Reviews

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If you’re going for a drive, whether miles away or just a few kilometers far, you must always have a portable air compressor. It’s better to be ready all the time, since we can’t predict the circumstances along the road. The air compressors have improved rapidly and have become more portable (easy to move from place to place), convenient, efficient, and quieter.

Portable air compressors are the smallest and lightest compressors available. They are great for home-use and for the job site. They can power small spray guns and inflate sports equipment and tire. They come in variety of shapes and sizes. Larger units are equipped with wheels enabling you to move them easily from project to project, and smaller ones are light enough to carry anywhere.

If you are getting a portable air compressor, there are a few considerations that you will have to address beforehand so you are confident you’re choosing the right one for your needs. Here are some guidelines to consider when buying a portable air compressor.

Consider the power source. You can have a portable compressor which is powered by a 12-volt battery power source. It should have battery clamps to enable you to quickly utilize any 12-volt power source such as your own vehicle’s battery to address your air compression needs in seconds.

Determine how it is mounted. You can have one which can be mounted under the hood or in the bed of your truck. This portable air compressor will use the engine of your vehicle for power.

Check the air pressure ratings. The compressor generates air pressure inside the tank and is measured in PSI or Pounds per Square Inch. Most light-duty compressors have 90 PSI, which is usually enough for pneumatic tools for simple household tasks like nailers. There are more powerful compressors in the market that you can try which generates 150 PSI or higher continuously without the need to be rested.

Check its horsepower ratings. The horse power rating is a measure of the horsepower (HP) the compressor motor yields. Generally, compressor motors range from 1.5 HP to 6.5 HP. Basically, higher horsepower motors produce greater PSI and has the capacity to do heavier workload.

Consider its thermal overload switch. A good compact air compressor should have an automatic shutoff function in case it overheats. Thus, maximizing the tool’s life and protecting your investment. An ideal compressor out in the stores has an automatic shutoff feature that powers down the unit when the compressor is turned on, but not filling the tires actively.

Are you still thinking why you should buy a portable air compressor? Most people get this tool to make sure that their tires are kept at the right pressure and to have an emergency air supply if they get a flat. Some prefer this especially when they go camping; they use it to inflate mattresses and the like. Read the reviews on the portable air compressors from online shops, such as Landroverbar – landroverbar.com, before choosing the one that fits your needs. There are brands that offer the most effective portable air compressors for camping stoves. These are the best in the market, and are highly recommended.