All we need to begin this program is a signed contract agreement, your first month's rent, and a security deposit. Then you will make one payment per month thereafter. Payments are based on 24, 36, 48, or 60 months, whichever term you choose.
We do not advise you to use your building for a dwelling. It is rented property and failure to keep your rent up to date results in losing your building.
RTO is a rental agreement with the option to purchase. It is not a loan. Therefore, there is no interest or principle. You are simply paying rent until you exercise the option to take ownership. At the time of the payoff, part of your monthly payments paid are applied toward the purchase of the building. For example, on a 36 month contract, 60% of your payments are applied toward the purchase.
Since this is a true rental contract, there is no principal. Extra money received will be applied to future payments.
No, the purchase option is a one-time, lump sum purchase of the building. If money is paid that is not the total purchase amount, it will be applied to future month's rent.
There is a grace period given up to ten days after the due date. The payment must be postmarked or paid electronically by that time or a late fee will be applied. We come pick up the building if you allow your payments to get too far behind.
This is a rental contract. Therefore, you are not entitled to a refund if you return the building.
Per the rental contract, no changes are allowed to be made to the building nor may it be attached to other structures. If you would like to make any changes to the building, you must call our office for permission.
To move the building, contact our office with the new address. We will contact the dealer and authorize them to move the building for you. However, you are responsible for the costs of moving the building.
The contract on the building cannot be rewritten or the monthly payment amount lowered. Call our office to ask about possible alternatives.
You are free to pay off your building after you have made the first four monthly payments.